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Malaysia’s exports expected to moderately decline 3.5pc in 2020, says Matrade
KUALA LUMPUR, Aug 27 — Malaysia’s exports are expected to moderately decline 3.5 per cent this year compared with a growth of 1.7 per cent (worth RM986.38 billion) in 2019, said the Malaysia External Trade Development Corporation (Matrade).
Chief executive officer Datuk Wan Latiff Wan Musa said in the first six months of this year, Malaysia’s exports declined by 6.8 per cent due to the movement control order (MCO).
“This was because of the MCO in Malaysia, lockdowns all over the world, and disruption in the global supply chain, people are not travelling and definitely world trade would be affected,” he told reporters at the #MyApec2020 Exhibition virtual exhibition launch here today.
“We are confident that the worst is over barring unforeseen circumstances in the emergence of other Covid-19 outbreak clusters, as we hope it doesn’t,” said Wan Latiff.
“(However) We are seeing an upward momentum trend starting from June 2020, as exports for the month had increased 8.8 per cent after two consecutive months of decline in April and May of 23 per cent and 25 per cent, respectively,” he said.
“But I do believe it won’t be able to match the level that we saw last year, if we’re talking about projection, (it is) still a decline of 3.5 per cent as compared to (1.7 per cent growth) last year,” said Wan Latiff.
The Ministry of International Trade and Industry (MITI) through its agency, Matrade, is launching a virtual exhibition called #MyApec2020 Exhibition, scheduled for September 1 to December 31, 2020 in conjunction with Malaysia’s hosting of Asia-Pacific Economic Cooperation (Apec) 2020.
The launch also witnessed Matrade exchanging a Memorandum of Understanding (MoU) with Fusionex, the official Technology Partner for the exhibition.
Launched by Deputy Minister of International Trade and Industry Datuk Lim Ban Hong, the virtual exhibition is the first of its kind for Malaysia and will be the catalyst for many more similar initiatives in the near future.
It will showcase products and services by over 300 exhibitors from Malaysia and other Apec member economies.
These products are from eight sectors, namely technology; innovative food and beverages (F&B) and agrofood; green tech and energy; healthcare; professional and business services; transport and logistics; lifestyle; and building materials.
Other than the virtual exhibition display, the event will also feature an immersive business platform that includes business pitching, where participants will be conducting live pitching sessions and enjoy real-time interactive communication; virtual business-to-business meetings, matching and arranging meetings for exhibitors with foreign buyers; as well as webinars — broadcasting of live presentations covering various topics that provide insights and current information of export opportunities.
With all these engagements, developed using digital systems, the exhibition will promote greater business linkages between Malaysian and Apec business entities.
The virtual exhibition, which goes live starting from September 1, 2020, can be accessed through myapec2020.matrade.gov.my or via the Apec portal and Matrade website.
Interested Malaysian companies wishing to participate in the #MyApec2020 Exhibition may get in touch with the secretariat at [email protected].
For more information about the Apec 2020, please visit www.myapec2020.my. — Bernama
Source: https://www.malaymail.com/news/malaysia/2020/08/27/malaysias-exports-expected-to-moderately-decline-3.5-pct-in-2020-says-matra/1897651