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Malaysia's external trade is expected to remain
bouyant this year with continued global economic
expansion, according to the Ministry of
International Trade and Industry (MITI).
According to the Malaysian International Trade
and Industry Report 2007 the country's total
trade in 2007 reached RM1.11 trilion, up by 3.8
percent from RM1.07 trillion in 2006, boosted by
growth from the manufacturing, agricultural and
mining sectors.
Malaysia also recorded a trade surplus for the
10th consecutive year. The surplus of RM100.3
billion in 2007 was the second highest ever
recorded.
The MITI Report said the International Monetary
Fund (IMF) had forecast the world economy to
continue growing in 2008, albeit at a moderate
rate of 3.7 percent.
The World Trade Organisation (WTO) on the other
hand had projected global trade to grow at 4.5
percent in 2008, the ministry said.
"The high gross domestic product (GDP) growth
rates projected for China and India in 2008, at
9.3 percent and 7.9 percent respectively, are
expected to also contribute towards the
continued growth of Malaysia's exports," it
said.
MITI said emerging markets such as the United
Arab Emirates (UAE), South Africa, Pakistan,
Mexico and Turkey would further contribute to
Malaysia's export performance this year.
Malaysia's emerging regional export markets,
encompassing West Asia, Africa and South Asia,
are expected to enhance demand for the country's
exports of electrical and electronics (E&E)
products, chemicals and chemicals products,
jewellery and processed food.
Asean accounted for more than a quarter of
Malaysia's exports, MITI noted.
"The ability of the region to sustain a GDP
(gross domestic product) growth of 5.7 percent
in 2008 would be a significant factor for the
expansion of Malaysia's exports," it said.
Thailand has a projected growth rate of 5.3
percent in 2008, Vietnam 7.3 percent and
Indonesia 6.1 percent. |
