Following a stronger-than-expected exports performance in 2018, the International Trade and Industry Ministry (Miti) expects Malaysia’s exports value in 2019 to breach the RM1 trillion-mark for the first time.
While the global trade outlook is weighed down by an economic slowdown and rising protectionism, Minister Darell Leiking projects the country’s exports to grow by about 5% this year, higher than the earlier forecast of 3.9% as mentioned in the Finance Ministry’s Economic Outlook 2019.
In line with the aim to boost the sales of local products and services to foreign countries, Leiking said the government would focus more on the exports of high value-added products such as medical devices, aerospace and automotive parts as well as electrical and electronics (E&E), among others.
“Not only that, we will also continue our trade diversification strategy by exporting more products and services to new emerging markets.
“We already saw success in 2018 by growing our exports to emerging markets such as Bangladesh, Peru, Papua New Guinea, Djibouti and Tunisia,” he told reporters after announcing Malaysia’s trade performance for 2018 yesterday.
In 2018, Malaysia’s total exports growth beat expectations by rising 6.7% year-on-year (y-o-y) to RM998.01bil, amid the US-China trade war and the uncertainties in the global environment.
Source: The Star