THE decrease in crude palm oil (CPO) and petroleum prices was among the main factors behind Malaysia’s declining export value, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
He said it was untrue that Malaysia’s exports had declined last year.
The trade performance over the past three years amounted to RM2.637 trillion despite a 7.3% decline in 2022, he said.
“This was due to lower commodity prices and a decline in the global semiconductor market, as well as a high base effect recorded last year,” he told the Dewan Negara yesterday.
Tengku Zafrul said CPO prices last year declined by 28% compared with 2022, adding that according to the Statistics Department, the amount of palm oil exported was 14.26 million tonnes, a 4.3% decline from the 14.91 million tonnes in the previous year.
“Since E&E (electrical and electronics), petroleum, palm oil and related products, chemicals as well as LNG (liquefied natural gas) make up 64.6% of the nation’s exports, the export value in 2023 declined due to commodity prices and decreasing global demand.
“But it should be stressed that Malaysia still maintains 26 consecutive years of trade surplus since 1998, that is worth RM214.06bil,” he added.
He was responding to Senator Rita Sarimah Patrick Insol, who had asked about the declining national exports in 2023.
Elaborating, Tengku Zafrul said Malaysia recorded RM329.5bil worth of investments in the manufacturing and servicing sector, the highest approved investments in history and a 23% increase from 2022.
This involved 5,101 projects, as well as foreign investments worth RM188.4bil, up 15.3% from 2022, and domestic investments worth RM141.1bil, an increase of 35.1%, he added.
