Malaysia’s total trade up 1.2 pct to RM1,466 tln in 2015

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KUALA LUMPUR: Malaysia’s total trade for 2015 grew 1.2 per cent to RM1.466 trillion, with exports expanding 1.9 per cent to a new high of RM779.95 billion and imports, up a marginal 0.4 per cent to RM686.65
billion.

Following the better exports, the country’s trade surplus registered a double-digit growth of 14.3 per cent to RM94.29 billion compared with the RM82.48 billion chalked up in 2014.

This was the ninth year that trade exceeded the RM1 trillion mark and the 18th consecutive year that Malaysia had recorded a trade surplus, said Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan.

He said last year was challenging for the global economy with slow growth in emerging markets and developing countries while that of developed countries was modest.

“Falling commodity prices, especially that of crude oil, currency fluctuations, China’s softening economy and geopolitical tensions, all generated considerable headwinds that buffeted the global economy.

“Malaysia was also affected by this turbulence.

“Despite this, Malaysia’s trade performance exceeded the forecast,” Ong told reporters here today after announcing the country’s trade performance for last year.

The growth in exports was spearheaded by manufactured goods, which grew 6.5 per cent, to RM625.46 billion and the manufactured goods segment accounted for 80.2 per cent of total exports versus 76.7 per cent in 2014.

Ong said exports from the manufacturing segment helped cushion the impact of lower commodity prices.

On export destinations, he noted that Asean remained Malaysia’s leading trading partner accounting for 27.4 per cent of total trade.

The country’s exports to Asean rose by 2.8 per cent to RM219.29 billion in 2015 while imports grew 3.7 per cent to RM182.12 billion.

Ong also said Malaysia-Asean trade was expected to grow in tandem with the establishment of the Asean Economic Community and the intra-Asean trade would serve as a buffer for Malaysia in weathering global economic uncertainties.

Meanwhile, Malaysia’s exports to the United States expanded 14.4 per cent to RM73.67 billion while that to China improved 10 per cent to RM101.53 billion.

Exports to the European Union perked 8.4 per cent to RM78.92 billion in 2015 while Malaysia’s exports to Turkey surged 54.5 per cent last year due to the implementation of the Malaysia-Turkey Free Trade Agreement.

However, total exports to Japan, which is the country’s fourth largest trading partner, slipped 10.7 per cent (RM8.81 billion) to RM73.81 billion due to a 7.2 per cent drop in the export of liquefied natural gas (LNG).

Electrical and electronics remained the largest export sector, accounting for 35.6 per cent of total exports, followed by chemical and chemical products (+7.2 per cent) and machinery and appliances (+20.5 per cent).

“As for commodities, major commodities contributed just 15 per cent (RM117.32 billion) to Malaysia total exports with crude petroleum, LNG and palm oil offtake expanding in volume but contracting in value terms. — Bernama