Malaysia trade surplus dropped significantly to 12.85 bln ringgit in April, well below the market estimate of 21.3 bln and the smallest since May 2022, as exports fell by 17.4% YoY, while imports declined by 11.1%. The sharp decrease in activity is mainly due to the Eid-ul Fitr holidays. For the first four months of the year, the trade surplus amounted to 77.2 bln ringgit, down from 88.5 bln in the same period in 2022.