Malaysia’s total trade to surpass RM1.5 trillion

Ong: 'SMEs must proactively gear up themselves to take the leap forward into the international market arena by seizing various opportunities available offered by the Government and private sector.'

SHAH ALAM: The Malaysian Government is confident that the country’s trade will surpass the RM1.5 trillion mark this year, driven by the global demand for electrical and electronics (E&E) products. 

International Trade and Industry Minister II Datuk Seri Ong Ka Chuan said Malaysia’s total trade this year surpassed RM1 trillion in just seven months - a figure that is usually reached further in the year. 

“The E&E sector is still very vibrant and the trend is growing stronger,” he said at a briefing on the Central i-City shopping mall here, today. 

“The demand for E&E... even next year, will continue to be vibrant and we don’t see it slowing down. This year, we can surpass RM1.5 trillion conservatively.”

Malaysia’s trade surpassed the one trillion mark in January-July 2017, with a value of RM1.008 trillion, expanding by 22.7% from the corresponding period in 2016.

Data from the Statistics Department showed that the country’s exports in July expanded 30.9% year-on-year (y-o-y), driven by external demand for E&E and petroleum products, as well as shipments of liquefied natural gas.

This was an acceleration from the 10% y-o-y growth registered in June, and exceeded the consensus estimate of 15 economists polled by Bloomberg for a 23% y-o-y export growth in July.