Trade Sustained Amidst Challenging Global Environment
Total trade for 2012 surpassed the one trillion ringgit mark with a value of RM1.31 trillion compared with RM1.27 trillion recorded in 2011. Exports grew by 0.6% to RM702.19 billion while imports expanded by 5.9% to RM607.36 billion, resulting in a trade surplus of RM94.82 billion, 15th consecutive year of surplus.
Among the top 5 trading partners, expansion in trade was recorded with ASEAN, an increase of 8.2%; the People’s Republic of China (PRC), ↑8% while trade with Japan decreased by 1%; the European Union (EU), ↓2.4%; and the United States of America (USA), ↓2.8%. Other countries which registered expansion in trade were Australia, ↑13.6%; India, ↑7.3%; the United Arab Emirates (UAE), ↑17.3%; and Republic of Korea (ROK), ↑0.9%.
ASEAN Tops Other Regional Markets
Trade with ASEAN expanded 8.2% to RM358.14 billion, accounting for 27.3% of Malaysia’s trade compared with 26% in 2011. Exports increased by 9.7% to RM188.22 billion while imports grew by 6.5% to RM169.92 billion. Almost all major manufactured exports to ASEAN registered increases.
Exports of manufactured goods to ASEAN that increased significantly were electrical and electronic (E&E) products, namely electronics integrated circuits and storage units for computers; parts and accessories of optical instrument for inspecting semiconductor devices; chemical products such as pigments, paints, varnishes and related materials; petroleum products; processed food as well as machinery and equipment for semiconductor, food processing and construction industries. Main imports from ASEAN were E&E products, refined petroleum products as well as chemicals and chemical products.
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