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Malaysia: Malaysia-China trade hits RM191.65b in Jan-Oct 2016
Bilateral trade between Malaysia and China from January to October 2016 hit RM191.65bil, up 1.2% from the same period last year.
For the same period, exports fell 7.2% year-on-year (y-o-y) to RM77.40bil while imports rose 7.9% y-o-y to RM114.25bil, said the Malaysia External Trade Development Corporation (MATRADE) in a statement today.
“Electrical and electronics products contributed 42.7% to the total exports, worth RM43.22bil, followed by chemicals and chemical products (10.4%), petroleum products (10.2%), palm oil and palm-based products (6%) and manufactures of metal (4.5%),” it said.
For the first 10 months of the year, the trade deficit widened to RM36.84bil from RM22.51bil in the same period last year, it said.
International Trade and Industry (MITI) Deputy Minister Datuk Chua Tee Yong attributed the lower export growth to the downtrend in commodity prices.
“The weakening commodity prices, including oil and gas prices, have posted a challenge to the trade,” he told a press conference after officiating the China-ASEAN Small and Medium-sized Enterprise (SME) Trade Promotion Platform (CASTPP) here today.
However, Chua said, he believed the recent official visit by Prime Minister Datuk Seri Najib Tun Razak to China would help to balance the trade between the two countries as palm oil prices have shown signs of improvement following the state visit.
It was reported that China had expressed a positive response towards increasing oil palm imports from Malaysia after Najib’s October visit.
Meanwhile, Chua said efforts by MATRADE, such as its participation in more than eight promotions and fairs thus far this year, had also helped to increase the SMEs’ exports to China.
The sales generated from the eight events in China reached RM1.6bil, up around 10% to 15% from the previous year, he said.
He revealed that the Malaysia Promotion Programme in Shanghai last month also registered more than US$60mil (RM268mil) in sales.
“Therefore, we encourage more SMEs to grab the opportunities to participate in the CASTPP to tap into the mega Chinese market with a population of 1.9 billion, he said.
CASTPP is a one-day seminar which aims to provide insights on export opportunities for Malaysia and China through strategic collaborations, partnerships and joint ventures.
It also serves as a platform to increase Malaysian exporters’ knowledge of business opportunities and enhance the bilateral trade with China.
Also present was MATRADE Chief Executive Officer Datuk Dzulkifli Mahmud. – Bernama
Source: http://www.thestar.com.my/business/business-news/2016/12/16/malaysia-china-trade-hits-rm191-65b-in-jan-oct-2016/