Q2 current account balance continues to see surplus of RM7.6b - DOSM

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Malaysia’s current account balance (CAB) continued to record a surplus of RM7.6 billion in the second quarter of this year (Q2 2020), despite the global economic uncertainties and continuous spread of Covid-19, according to the Department of Statistics Malaysia (DOSM). Chief statistician Mohd Uzir Mahidin (above) said the current account surplus was mainly contributed by net exports of goods of RM25.9 billion and a lower deficit in secondary income at RM1.9 billion. "Imports of goods dropped at a faster pace as compared with the decline in exports resulting in a favourable performance of the overall goods account. "In addition, secondary income reached the lowest deficit, as the number of foreign workers declined in this quarter that led to lower outward remittances," he said in a statement today. For the first half of 2020, Mohd Uzir said the CAB lessened to RM17.1…