M’sia optimistic of growth in total trade
KUALA LUMPUR: Malaysia is optimistic of registering a growth of between 1% and 2% in its total trade this year despite the World Trade Organisation (WTO) sharply revising its global trade forecast for 2016.
Deputy International Trade and Industry Datuk Chua Tee Yong said the ministry is aware of future challenges but it would work with the other government agencies, including the Malaysia External Trade Development Corporation (Matrade) to assist Malaysian companies especially on export matters.
“I think the WTO has actually downgraded the growth outlook for total trade from 2.8%, previously, to 1.7%. There are countries that are posting slower growth but Malaysia has still remained slightly positive. Therefore, we believe that we will achieve a positive figure by year-end,” he told reporters after the launch of Graphene Malaysia 2016 event here yesterday.
In Budget 2017, Prime Minister Datuk Seri Najib Abdul Razak said Malaysia’s total trade was expected to reach RM1.5 trillion.
The WTO warned that growth had hit its slowest pace since the global financial crisis and estimated that global trade would grow by just 1.7% in 2016 compared with its April projection of 2.8%. – Bernama