“Discrepancy in the way the (trade) data is captured has given rise to the US$5 billion imports (by the US) and US$25 billion exports (by Malaysia).”
Najib’s Washington visit will help US gain better understanding of bilateral trade flows
DATUK SERI MUSTAPA MOHAMED,
International Trade and Industry Minister
UNITED States President Donald Trump will recognise that Malaysia is not a ‘trade cheat” when he gains a better understanding of the bilateral trade flows and the way the data is captured after the upcoming meeting between him and Prime Minister Datuk Seri Najib Tun Razak next month.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed was confident the White House would have a clearer picture of the situation between the US and Malaysia.
“Discrepancy in the way the data is captured has given rise to the US$5 billion (RM21.34 billion) in imports (by the US) and US$25 billion in exports (by Malaysia).”
The US this year highlighted that 16 countries, including Malaysia, had been enjoying trade surpluses due to unfair trade practices.
“This topic of discussion will come up between Trump and Najib. We have to explain the situation, and they will have a clearer understanding.”
Malaysia, which is one of the founding members of the World Trade Organisation, is a compet- itive nation and adheres to the rules of the world trade body.
“Cheating means selling below market prices, and we have not done that. There are rules in place under the WTO’s safeguards, and they include antidumping rules,” he said after the official opening of Top Glove Global Doctors (TGGD), a onestop ambulatory care centre, here.
TGGD is a joint venture between Top Glove Corporation and Global Doctors, which is based in Mont Kiara, Hartamas and Bukit Damansara.
Trade officials have said that US multinational corporations (MNCs) in Malaysia had a clearer picture about the bilateral flow of trade.
According to Malaysia External Trade Development Corporation (Matrade), Malaysia’s exports to the US totalled RM80.236 billion last year, while its imports totalled RM55.65 billion, giving rise to a trade surplus of RM24.59 billion.
Comparatively, 2015 exports totalled RM73.67 billion versus RM55.34 billion in imports, equalling a surplus of RM18.33 billion.
But US data observed that last year, exports of goods to Malaysia totalled US$11.83 billion, while imports totalled US$36.63 billion, with a trade deficit of US$24.79 billion.
In 2015, exports totalled US$12.27 billion and imports US$33.97 billion, for a deficit of US$21.69 billion.
At the launch, Mustapa praised Top Glove executive chairman Tan Sri Dr Lim Wee Chai for the company’s visionary target of joining the exclusive list of Fortune 500 companies by 2040.
Top Glove has over 2,000 customers worldwide and exports to more than 195 countries.