Global change research has largely focused on the effects of drought on forest dynamics while the importance of excessive rainfall that can cause waterlogged soils has largely been assessed in riparian zones or seasonally flooded sites. However, increased rainfall may also cause decreased growth and survival of tree species in lowland aseasonal tropical forests due to increased risk from potentially more extensive and frequent waterlogged soils. We used a Bayesian modelling approach on a tree dynamics dataset from 2004 to 2017 to test the concomitant effects of rainfall excess and deficit and dry period length on tree growth and survival across a network of experimentally planted trees in a primary aseasonal forest in Malaysia. Growth declined in 48% of the species and survival decreased in 92% of the species during periods of high rainfall while as little as 4% of species had decreased growth or survival with drought and long dry periods. Climate change is projected to cause more frequent and severe rainfall deficit and excess, and our results suggest increased rainfall may have stronger negative effects on aseasonal tropical forests than that of severe drought.