|Malaysian women return from work in Kuala Lumpur … MALAYSIA’S ECONOMY JUST GOT A US$33 BILLION BOOST FROM CHINA... SO WHY THE UNHAPPINESS? - AFP Pic|
BUKIT LANJAN: Check the antics of bigots to ensure Malaysia’s continuous economic growth
Despite the sluggish global economic outlook last year with crude oil prices plunging to significant lows, Malaysia’s total trade continued to rise to RM1.49 trillion.
The country’s total Asean exports also expanded to 29.4% in 2016 from 28.2% in 2015, the highest share since 1993.
“This must have been very disappointing to the doomsayers who had been predicting Malaysia’s economic collapse the past year,” Gerakan Deputy Speaker Syed Abdul Razak Alsagoff said.
He said as long as the rakyat (people) continue to be united, competent, productive and resilient, “Malaysia will continue to prosper”.
“The growth may be small but the pace will surely pick up with improved global economic times. With billions of foreign investments, especially from China, there is little doubt Malaysia’s economic sustainability and growth will continue.
“As long as the rakyat continues to be resilient, innovative and creative in business and work hard for personal success and contribute to nation-building activities, our economic future is assured,” he added.
|In new year’s message, G25 says Malaysia’s economy on strong footing for recovery - AFP Pic|
“Extremism in any way must not be allowed to threaten national unity. The environment must be harmonious to facilitate business confidence of investors, both domestic and foreign,” he said.
Syed Razak urged the federal government to act swiftly, and without fear or favour, to stem the bigoted antics of certain quarters who care not for national unity and harmony.
“Let’s not let such bigots inflict permanent damage on the nation before stern action is taken. Nip the social problems created by bigots in the bud,” he added.
This was what was reported by national news agency Bernama and posted by The Star Online:
Home > Business > Business News
Wednesday, 8 February 2017 | MYT 5:41 PM
Malaysia’s total trade rises to RM1.49 trillion
|Mustapa says Asean’s share of Malaysia’s total exports grew to 29.4% last year, the highest level since 1993. - Bernama pic|
He said exports rose by 1.1% to RM785.93bil and imports grew by 1.9% to RM698.66bil, resulting in a trade surplus of RM87.27bil, the 19th consecutive year of trade surplus since 1998.
Mustapa said Asean’s share of Malaysia’s total exports expanded to 29.4% in 2016 from 28.2% in 2015, the highest share since 1993.
“Specifically in December 2016, Malaysia’s total trade recorded a double-digit growth of 11.1% to RM142.39bil compared with a year ago,” he said at a press conference in Kuala Lumpur on Wednesday.
He said exports in December 2016 expanded by 10.7% year-on-year to RM75.55bil, the highest value in 2016 with manufactured goods continued to support Malaysia’s exports.
Explaining in details, he said, the increase in total trade in 2016 was contributed by higher trade with China, which expanded by RM10.09bil, United States (RM6.87bil), South Korea (RM3.56bil), Taiwan (RM3.29bil) and Saudi Arabia (RM3.04bil).
The minister said significant increases were also recorded with Turkey amounting to RM2.81bil, Hong Kong (RM1.93bil), India (RM1.85bil), Mexico (RM1.64bil), Brazil (RM1.52bil), Bangladesh (RM1.48bil), Asean (RM1.41bil) and the European Union (EU) (RM549.6mil).
He said the major contributors to export growth in 2016 were expansion of manufactured and agricultural exports by 3.2% and 4.7%, respectively, compensating for the lower performance of mining goods.
The continued growth for electrical and electronics (E & E) exports were driven by strong global demand for electronic devices and rising exports to Asean by 5.4% with significant growth to Singapore, Cambodia, Laos, Myanmar and Vietnam. The Philippines also spurred exports.
Mustapa said Asean remained as an important and strategic trading partner for Malaysia, taking up RM230.93bil of Malaysia’s exports in 2016, an increase of 5.4%.
In terms of trade, Asean accounted for 27.1% of Malaysia’s total trade in 2016, with a value of RM402.66bil, an increase of 0.4%, he said.
Mustapa said the increase in exports was led by manufactured goods which expanded by RM12.97bil or 6.7%.
The exports of manufactured goods accounted for 89.1% in 2016 compared with 87.9% in 2015, he said.
“The expansion in this sector was contributed by higher exports of E & E products, petroleum products, manufactures of metal, processed food, transport equipment, chemicals and chemical products, machinery, equipment and parts as well as textiles,” he said.
Among the Asean countries, Singapore remained the largest export market with a share of 49.6% of total exports to Asean.
“China continued to be the largest trading partner with Malaysia for the eighth consecutive year since 2009. In 2016, Malaysia’s trade with China increased by 4.4% to RM240.91bil,” said Mustapa.
Trade with the EU increased by 0.4% to RM149.05bil.
Malaysia’s exports to the EU were higher by 1.2% to RM79.84bil.
Germany, the Netherlands, the United Kingdom, France and Belgium remained the top five export destinations in the region, accounting for 78.8% of Malaysia’s total exports to the EU, he said.
The country also maintained sturdy export performance to the US with an increase of 8.9% to RM80.23bil.
“Trade with the US expanded by 5.3% to RM135.88bil in 2016,” he said.
In 2016, Malaysia’s exports to South Asia grew by 6.9% to RM45.39bil, after a decline of 0.9% in 2015.
Trade with South Asia rose by 7.4% to RM63.8bil in 2016 and imports increased by 8.6% to RM18.4bil, he said.
In 2016, other promising markets with significant growth in exports were Mexico, increased by RM1.59bil, attributed mainly to E & E products, Tanzania (RM264.2mil, palm oil and palm-based agriculture products) and Nigeria (RM201.9mil, petroleum products), he said. - Bernama"