Datuk Chua Tee Yong. – Bernama photo
KUALA LUMPUR: The trade deficit between Malaysia and China narrowed to RM31.32 billion from January to October 2017, compared with RM36.87 billion in the same period last year, said the Ministry of International Trade and Industry.
Deputy Minister, Datuk Chua Tee Yong attributed the improvement to an increase in exports and initiatives by both countries to improve the trade balance, although commodity prices have yet to recover.
“Efforts such as the organisation of various expos, introduction of market strategies, establishment of free trade zones and high level visits among top officials of both nations, has helped strengthen the resilience of our trade,” he added.
He was speaking to reporters on the sidelines of the China ASEAN Small and Medium Enterprises (SME) Trade Promotion Platform (CASTPP) Malaysia Business Forum here, today.
Statistics showed that bilateral trade between Malaysia and China rose by 24.1 per cent year-on-year (y-o-y) to RM237.96 billion between January and October 2017, with exports to China surging by 33.5 per cent y-o-y to RM103.32 billion.
Imports from China also increased by 17.8 per cent y-o-y to RM134.64 billion during the same period.
Meanwhile, on CASTPP, Chua said five Malaysian companies had exported their products valued at RM900,000, to China’s Qinzhou port via the platform to date.
Launched in December last year, CASTPP is an online and offline platform which offers a one-stop solution for custom clearance for SMEs when exporting to China.
The forum today highlighted CASTPP’s benefits and opportunities, the One Belt One Road initiative, trade financing and market knowledge on China.
A product sourcing session was also conducted, involving 20 mainland Chinese buyers and 25 Malaysian suppliers from the food and beverage industry.
Also present was Malaysia External Trade Development Corporation Chief Executive Officer, Dr Mohd Shahreen Zainooreen Madros. – Bernama