May 2021 trade
■ Imports (+50.3% yoy) grew at a stronger pace than exports (+47.3% yoy) for
the first time in 13 months, leading to a smaller trade surplus of RM13.7bn.
■ Restrictions on sectors allowed to operate under Phases 1 and 2 of the
National Recovery Plan will likely disrupt trade flows until Aug 21.
■ Trade growth to also moderate significantly going ahead as base effect fades.
We retain our exports and imports forecasts at 14.0% and 15.6% in 2021.