China re­mains as Malaysia’s largest trad­ing part­ner in 2015

The Pak Banker - - BUSINESS -

China re­tained its po­si­tion as Malaysia's largest trad­ing part­ner for the 7th con­sec­u­tive year in 2015, de­spite drop­ping com­modi­ties prices, ac­cord­ing to sta­tis­tics re­leased by Malaysia on Fri­day.

In 2015, Malaysia's trade with China ex­panded by 11.1 per­cent to 230.89 bil­lion ring­git ($55.67 bil­lion), ac­cord­ing to Malaysia's in­ter­na­tional trade and in­dus­try min­istry.

Ex­ports to China recorded a dou­ble-digit growth of 10 per­cent to 101.53 bil­lion ring­git ($24.48 bil­lion). Higher ex­ports were reg­is­tered for man­u­fac­tured goods which saw an in­crease of 10.2 per­cent.

Malaysia's ex­port of pe­tro­leum prod­ucts, man­u­fac­tures of metal, chem­i­cals and chem­i­cal prod­ucts as well as op­ti­cal and sci­en­tific equip­ment to China had con­trib­uted to the higher trade fig­ure.

Ex­ports of elec­tric and elec­tronic (E&E) prod­ucts ac­counted for 42.6 per­cent of Malaysia's to­tal ex­ports to China. Ex­ports of min­ing goods in­creased by 53.6 per­cent in 2015, mainly thanks to sig­nif­i­cant in­crease in ex­ports of alu­minium ores.

China re­mained as Malaysia's largest im­port source with 18.9 per­cent of to­tal share, ex­panded by 12 per­cent to 129.36 bil­lion ring­git ($31.19 bil­lion) with higher im­ports recorded for ap­parel and cloth­ing ac­ces­sories, ma­chin­ery, ap­pli­ances and parts, as well as trans­port equip­ment.

China has been Malaysia's largest trad­ing part­ner since 2009, and Malaysia is China's largest trad­ing part­ner among the 10- mem­ber As­so­ci­a­tion of South­east Asian Na­tions (ASEAN).

In to­tal, Malaysia's trade grew by 1.2 per­cent to reach 1.466 tril­lion ring­git ($353 bil­lion) in 2015, com­pared to 1.448 tril­lion ring­git ($349 bil­lion) in the pre­vi­ous year, thanks to the re­bound in the se­cond half of the year.

Malaysia recorded higher trade with its ma­jor trad­ing part­ners, in­clud­ing China, ASEAN, United States and the Euro­pean Union.

Ex­ports grew by 1.9 per­cent de­spite the chal­leng­ing eco­nomic en­vi­ron­ment, to reach a value of 779.95 bil­lion ring­git ($188.04 bil­lion). Ex­ports dur­ing the se­cond half of the year were re­silient and turned around sharply to record a 6.8 per­cent growth from a 3.1 per­cent con­trac­tion in the first six months.

De­cline in ex­ports were re­ported in Malaysia's ma­jor com­modi­ties, in­clud­ing palm oil, nat­u­ral rubber, liq­ue­fied nat­u­ral gas (LNG) and crude pe­tro­leum, due to tum­bling prices. Ex­ports of palm oil de­clined by 6.2 per­cent, while ex­ports of nat­u­ral rubber dropped by 11.9 per­cent. Ex­ports of crude pe­tro­leum and LNG saw de­clines of 20.3 per­cent and 26.2 per­cent re­spec­tively.

To­tal im­ports recorded a marginal growth of 0.4 per­cent to 685.65 bil­lion ring­git ($165.3 bil­lion). Faster growth of ex­ports in 2015 re­sulted in a dou­bledigit growth of 14.3 per­cent in trade sur­plus to 94.29 bil­lion ring­git ($22.73 bil­lion), rep­re­sent­ing Malaysia's 18th con­sec­u­tive year of trade sur­plus.

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