MIRI: The services sector is maturing in Malaysia as it has been contributing to the country’s economy progressively over the last few years.
Deputy Minister of International Trade and Industry Datuk Jacob Dungau Sagan yesterday disclosed that the sector contributed 55 per cent of gross domestic product (GDP) in 2008, compared with 49 per cent in 2000.
Therefore, the services sector is the largest contributor to Malaysia’s GDP and has grown even during the global economic slowdown which started in the third quarter of 2008.
Sarawak recorded total export trade of RM119.4 billion in 2008. Exports were recorded at RM91.3 billion while imports were registered at RM28.1 billion, resulting in a trade surplus of RM63.3 billion. For the period from Jan to July 2009, total trade amounted to RM48.8 billion with exports at RM36.2 billion and imports at RM12.6 billion with the surplus recorded at RM23.6 billion.
“Major exports for the period included mineral fuels, manufactured goods, palm oil and raw materials. Machinery and transport equipment, mineral fuels, manufactured goods and chemical contributed major imports into the state,” he said.
Malaysia’s trade in services was growing stronger every year. The total trade in services in 2008 amounted to RM201.8 billion, an increase of 1.3 per cent from RM199.2 billion in 2007.
“It is encouraging to note that the services trade, which registered its first surplus in 2007, had continued with this trend in 2008 and is expected to register its third continuous surplus in 2009,” he revealed at Seminar on Trade Liberalisation and Government Assistance held at Miri Marriott Resort and Spa here.
In the first half of 2009, services trade amounted to RM92 billion with exports amounting to RM47.9 billion and imports at RM44.1 billion. The surplus was registered at RM3.8 billion for the period.
Sagan also disclosed that the services sector has been attracting high levels of investments over the years. Since 2006, investments in services sector have exceeded the Third Industrial Master Plan (IMP3) target of RM45.8 billion per annum.