KUALA LUMPUR, May 17 (Xinhua) -- Malaysia's current account balance (CAB) surplus surged to 16.2 billion ringgit (3.46 billion U.S. dollars) in the first quarter of 2024, equivalent to 3.5 percent of the gross domestic product (GDP), official data showed Friday.

The Department of Statistics Malaysia said in a statement that the increase was mainly fueled by the income and goods accounts.

The higher CAB surplus was also supported by the improved net exports of goods account, totaling 32 billion ringgit.

Exports of goods valued at 272.2 billion ringgit compared to 275.9 billion ringgit in the previous quarter.

The main exports were electrical and electronics, petroleum products and liquefied natural gas, especially to Singapore, China and the United States.

Meanwhile, the financial account registered a net outflow of 18.7 billion ringgit, mainly in portfolio and direct investment. (1 ringgit equals 0.21 U.S. dollar) Enditem

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