KUALA LUMPUR: Malaysia’s trade performance exceeded forecasts in 2015 with total trade up by 1.2%, to RM1.466tril.
This was on the back of higher exports and imports which stood at RM779.95bil and RM685.65bil, respectively.
International Trade and Industry Minister II Datuk Seri Ong Ka Chuan (pic), who disclosed this, said the country registered a trade surplus of RM94.29bil last year, a 14.3% growth from 2014’s RM82.48bil.
“This marked the 18th consecutive year that Malaysia has recorded a trade surplus. And all these were achieved despite the global economic turbulence,” he said at the Malaysia Trade Performance 2015 event held at Martrade building here, Friday.
Ong said the growth in exports was spearheaded by manufactured goods that increased to 80.2% of total exports, from 76.7% in 2014.
“Our manufacturing prowess helped to substantially cushion the impact of lower commodity prices,” he added.
In terms of market destinations, Asean as a region remained the country’s leading trading partner and export destination, which accounted for 27.4% of Malaysia’s total trade in 2015.
Exports to Asean expanded by 2.8% to RM219.29bil last year, led by greater inter-company linkages, cross-border trade and outsourcing activities within the region. Imports grew by 3.7% to RM182.12bil.
“We expect our trade with Asean to grow substantially in the coming years with the formal establishment of the Asean Economic Community (AEC) last December.
“The AEC aims to create a single market and production base in the region,” Ong said.
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