Malaysia continues serving as solar panels’ logistics hub amid US tariff hike

28 Oct 2024

Malaysia continues to serve as a logistics hub for solar panels amid the United States’ (US) tariff hike on solar equipment from Southeast Asia, said Transport Minister Anthony Loke.

He assured that several major US companies based in Malaysia are re-exporting solar panel equipment, including microchips, semiconductors and electronics, among other products, back to the US.

“I am not that pessimistic when it comes to this. As far as our policy is concerned, we want to continue improving and encouraging trade within Asean… inter-Asean trade is important. That’s why I believe the logistics hub is essential for Malaysia,” he said.

Loke was speaking to the press on the sidelines of the new DHL Express Kuala Lumpur Gateway’s opening ceremony today.

He emphasised that Malaysia should not rely solely on a single market and should continuously seek new opportunities.

Commenting on Malaysia’s recent inclusion as a BRICS partner country, Loke said this development opens up new market opportunities for Malaysia.

“I also believe that all relevant ministries, including the Ministry of Investment, Trade, and Industry, are taking the necessary steps to ensure that Malaysia’s exports and businesses are not affected,” he said.

The minister emphasised that besides solar panel exports, Malaysia is also strong in the E&E sector and should consider expanding into other consumer products.

Previously, the US announced a tariff hike on solar equipment exported from Southeast Asia to protect its domestic industry.

Its Commerce Department announced increased duties on solar equipment exported by Cambodia, Malaysia, Thailand, and Vietnam, following its initial findings of unfair government subsidies used to produce solar equipment sold by companies in these four countries.

Source: Bernama