Malaysia’s exports grew slower than expected in November, as higher tariffs weighed on the Southeast Asian nation’s trade with the U.S.

Exports rose 7% in November from a year earlier, according to the Department of Statistics Malaysia, lower than the 11.6% median estimate in a Bloomberg survey. Shipments to the U.S., one of Malaysia’s largest trading partners, fell 0.9%, marking a second straight month of declines.

Imports quickened 15.8% from a year ago, effectively halving the country’s trade surplus to 6.1 billion ringgit ($1.5 billion) in November.

The U.S. — which accounts for 11% of Malaysia’s total trade — imposed a 19% tariff on the Southeast Asian nation’s goods, effective August.

Still, Malaysia’s exports of electrical and electronic products remained strong, rising 15% from a year ago amid expectations that the U.S. will soon impose levies on semiconductors. Higher exports to China also helped to offset the drop in shipments to the U.S., while exports to Taiwan reached a record high.

“It is still a decent performance, the way we see it,” said Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd. 

“The impact from higher U.S. tariff should be more granular in 2026,” he said, adding that he expected further moderation in exports to the U.S. as higher tariffs dampened demand.