ANNUAL REPORT 2022 TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS
ISSN 2462-1412 October 2023 © Malaysia External Trade Development Corporation (MATRADE) All trade data is as reported until xxxxxx by the Department of Statistics Malaysia. However, every effort has been made to ensure that the content of the annual report is accurate and up-to-date. MATRADE is not responsible for any omissions, errors, or disputes arising from using the provided information. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form, whether electronic, mechanical or any other format, without the publisher’s consent. Strategic Planning Division Malaysia External Trade Development Corporation (MATRADE) MATRADE Tower Jalan Sultan Haji Ahmad Shah 50480 Kuala Lumpur, Malaysia. Tel: +603 6207 7077 Faks: +603 6203 7037 Email: info@matrade.gov.my Web: www.matrade.gov.my Facebook : MATRADE HQ LinkedIn : MATRADE Twitter : @matrade Youtube : MATRADE Instagram : @matrade_hq Tiktok : @matradehq Published by: Corporate Communications Unit MATRADE Strategic Communication Section Strategic Planning Division Email: communication@matrade.gov.my Patron : Chief Editor : Editorial Coordinator Layout & Design : Distribution : YBhg Datuk Mohd Mustafa Abd Aziz Raja Badrulnizam Raja Kamalzaman Noor Hayati Abu Noh Chan Yik Sing Habibati Tohirah Md Noor Mohd Khairiazhar Mohd Riza Farrah Fadhilah Md. Arif Norazmal Mohamad
ANNUAL REPORT In line with the government’s ambitions to revitalise the economy throughout the national post-COVID-19 recovery period, MATRADE intensified its endeavours to bolster exports throughout 2022. This was achieved by aiding businesses in harnessing digitalisation initiatives under the new norm. In its effort to consistently position Malaysia as a formidable competitor in global trade, MATRADE successfully fulfilled its mandate. Focusing on four (4) core areas, MATRADE’s sponsored programmes were designed to cater to a variety of needs. These include enhancing export capability, promoting export activities, disseminating trade information, and offering advisory support services. TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS 2022
TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS The Malaysia External Trade Development Corporation (MATRADE) is a national trade promotion agency under the Ministry of International Trade and Industry (MITI), responsible for positioning Malaysia as a competitive global trading nation. Established under the Malaysia External Trade Development Corporation Act 1992, its primary mission is to promote Malaysian companies in the international markets. Our Role MATRADE’s role is centred around cultivating international trade, with a primary emphasis on the exportation of goods and services. The overarching objective is to maintain the prominent role of Malaysian businesses in the global market, ensuring that the label “Made in Malaysia for the World” resonates with pride and prestige. To accomplish this, MATRADE orchestrates and executes targeted marketing strategies carried out through comprehensive training programmes, personalised mentorship, and expert advisory services directed towards a broad spectrum of Malaysian enterprises. Leveraging its far-reaching international network, MATRADE supplies in-depth market research and timely data to aid businesses in navigating the global marketplace. Furthermore, MATRADE boosts the visibility of Malaysian exports, encompassing both products and services, and coordinates business matchmaking events that connect Malaysian firms with potential foreign buyers. These concerted efforts greatly contribute to Malaysia’s economic growth and overall prosperity. Global Reach MATRADE will continue its efforts to seek newer and more innovative methods to guide and support exporters at the global level. MATRADE has a network of 46 trade offices located in major commercial cities worldwide, and five regional branch offices in Penang, Terengganu, Johor, Sabah, and Sarawak. Human Capital MATRADE believes that its workforce is the main pillar of the organisation and is committed to accelerating intellectual development, strengthening leadership capabilities, and enhancing organisational performance. MATRADE provides training and development, mentoring programmes, and workplace-appropriate learning. Fueled by an empowering corporate culture, MATRADE is unwavering in its commitment to foster an environment where every employee is equipped with opportunities to deliver exceptional service. AT A GLANCE ABOUT MATRADE Your Business MATRADE Platforms TAKING YOUR BUSINESS TO THE INTERNATIONAL ARENA
Our Focus MATRADE focuses on the implementation and delivery of four (4) core services: Export Development MATRADE is dedicated to aiding and amplifying the abilities of Malaysian companies to scale their operations globally. To achieve this, MATRADE offers comprehensive training, particularly catering to small and medium-sized enterprises (SMEs), by organising a series of workshops and seminars. Additionally, MATRADE implements export development programmes to help Malaysian companies explore export opportunities abroad, involving training in business, skill enhancement, networking, international exposure, leadership, and entrepreneurship. These efforts fortify the resilience and sustainability of these businesses at the international level. Export Promotion MATRADE aids Malaysian companies to break into global markets by facilitating their involvement in International Trade Exhibitions (ITF), Export Acceleration Missions (EAM), International Sourcing Programmes (INSP), and Trade and Investment Missions (TIM). As the national trade promotion agency, MATRADE frequently acts as a hub for foreign buyer inquiries and visits. It plays a pivotal role in coordinating business matching initiatives between overseas buyers and Malaysian firms.often serves as a reference centre for inquiries and visits from foreign buyers. Trade and Market Information MATRADE offers comprehensive market research—including updates on market trends, consumer demands, global supply chain disruptions, and non-tariff barriers. This research is shared with exporters through a variety of reports, studies, and accessible international trade publications such as Market Alert (MA), Product Market Study (PMS), Trade Leads, MATRADE Insight (MI), and the Exclusive From Malaysia (EFM) magazine. Additionally, further commercial research materials are readily available online at the Business Information Center (BIC). Advisory Services & Support MATRADE provides trade advisory services that equip Malaysian companies to explore overseas markets. This involves guidance on export procedures and high-demand global market, product, and service insights. Outreach programmes like information counters at conferences and international exhibitions also offer these services within Malaysia. Enabling access to international markets through various trade promotion programmes such as ITF, EAM, INSP, and business matchmaking sessions. Promoting digitisation of exports to capitalise on e-commerce platforms, thereby invigorating the nation’s export landscape. Conducting extensive market research for Malaysian firms to survey, monitor, and penetrate export markets effectively. Solidifying the country’s export strategy in alignment with MATRADE’s mission to augment national exports. Priming Malaysian companies for global markets through well-planned export development programmes. Broadening the export community by rendering essential trade advisory services and support. Offering bespoke support to fortify the competitiveness of Malaysian companies and stimulate export promotion activities. Elevating the prestige of the Malaysian brand via diverse initiatives, providing exporters with a distinct competitive edge. Our Objectives MATRADE’s main objectives are summarised as follows: 1 2 3 4 5 6 7 8 International Programmes with MATRADE Your Brand in the International Arena Trade Performance Report MATRADE Annual Report 2022
TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS 2022 HIGHLIGHTS Export Development Programme 19,494 companies have benefited from MATRADE’s export development programme Our Customers MATRADE has a database of 10,544* Malaysian companies, including large companies, mid-tier companies (MTCs), small and medium enterprises (SMEs), manufacturers, and service providers. Trade Inquiries 2,603* trade inquiries received Export Promotion Activities Export Acceleration Missions International Trade Exhibitions International Sourcing Programmes Business and Investment Missions Information Counter In-store Promotion eBizMatch sessions Participating Malaysian companies Resources The Business Information Center (BIC) has a collection of 36,330 titles in physical and digital formats, covering a wide range of requirements from trade statistics, country profiles, company profiles, business news, market research reports, to import duty schedules, and more. Total Trade Total trade experienced a robust double-digit growth of 27.6%, reaching RM2.844 trillion, a notable increase compared to the figures in 2021. It marked a significant milestone by exceeding the RM2 trillion threshold for the second consecutive year, exhibiting the quickest growth pace seen since 1994. Export - Import - Trade Surplus Trade, exports, imports, and the trade surplus recorded their highest values to date. Exports grew by 24.9% to RM1.550 trillion, surpassing the projections in the 12th Malaysia Plan 2021-2025 (12MP), three years ahead of the target set for 2025. Imports achieved a new milestone by surpassing the RM1 trillion mark for the first time, increasing 31% to RM1.294 trillion. Trade surplus increased by 1% to RM256.20 billion, marking the 25th consecutive surplus since 1998. 9 34 17 4 1 1 778 3,271 * Companies registered with MATRADE from March 1993 - Dec 2022 * Trade inquiries are from the Trade Enquiry System, info@matrade.gov.my, and Outreach Programmes.
Trade Performance Report MATRADE Annual Report 2022 CONTENT Preface Matrade At A Glance 2022 Highlights Background 2022 Achievements From the Desk of the Chairman From the Desk of the Chief Executive Officer Board of Directors Senior Management Organisation Structure MATRADE Network 10 11 12 14 18 20 22 24 1 MATRADE ORGANISATION Malaysia’s Trade Performance 2022 Summary of Market Performance FTA & Emerging Markets Performance of Major Sectors Import Performance Performance of Services Sector 28 30 34 35 36 37 2 TRADE PERFORMANCE REPORT Purpose 1 Facilitating Market Access Purpose 2 Digitalising Exports Purpose 3 Providing Market Intelligence Purpose 4 Strengthening The National Export Plan Purpose 5 Building Export Readiness Purpose 6 Expanding The Exporter Community Purpose 7 Providing Specialised Support Purpose 8 Empowering The Malaysian Brand 42 68 69 72 74 80 83 86 3 MATRADE CORE PURPOSES Corporate Administration Human Resource Management Budget Management Safety and Wellbeing Integrity, Internal Audit and Legal Compliance Strategic Planning Information Technology 90 91 94 96 97 99 102 4 ADMINSTRATION, INTEGRITY, INTERNAL AUDIT AND STRATEGIC PLANNING Financial Performance Audit Report 5 FINANCIAL REVIEW MATRADE Offices Abbreviations and Acronyms 154 156 106 107
8 TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS MATRADE Organisation BACKGROUND 2022 ACHIVEMENTS FROM THE DESK OF THE CHAIRMAN FROM THE DESK OF THE CHIEF EXECUTIVE OFFICER BOARD OF DIRECTORS SENIOR MANAGEMENT ORGANISATIONAL STRUCTURE MATRADE NETWORK CHAPTER
9 Trade Performance Report MATRADE Annual Report 2022 This chapter covers MATRADE’s vision and mission as well as the explaination of Corporate Core Values (GRACE) and its guiding principles for the organisation. Our Chairman, Tan Sri Halim Mohammad and the Chief Executive Officer, Datuk Mohd Mustafa Abdul Aziz will be sharing their summary of 2022 achievements. Included here are the Board of Directors, Senior Management, MATRADE’s organisational structure and its global network.
TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS 10 BACKGROUND MATRADE plays an active role in helping Malaysian companies grow, penetrate international markets and gain a foothold overseas by providing training programmes, coaching and advisory services. In addition, MATRADE also provides information and market intelligence as well as intensifies export promotion activities for Malaysian companies. Through this effort, MATRADE helps expand market access and raise the profile of Malaysian companies in the foreign markets. During the recovery phase of the country, MATRADE continued its initiatives to ensure the sustainability of exports by leveraging on digital technology and platforms. Existing programmes were adapted to the practice of new norms in overcoming the constraints of travel restrictions and nationwide border closures. This effort enables MATRADE to implement its mandate to drive exports and make Malaysia a competitive MISI PROMOTING MALAYSIA’S ENTERPRISES TO THE WORLD Global (Thinking & Approach) • Global Mindset • Prioritising stakeholders; • Creating an extensive international network; • Global Inclusiveness in trade; • Global strategic thinking; and • Embracing diversity Respect (People, Process and Planet) • Love for the nation; • Ability to listen, understand and practice without prejudice; • Celebrate success, shared responsibilities; • Value teamwork; and • Prioritising customers Agile (Skilled and Adaptable) Pembelajaran seumur hidup; • Lifelong learning; • Innovation for growth • Possess agile mindset and attitude • Anticipate and respond well to uncertainties; • Acknowledge and adopt continuous improvement; • Competent and knowledgeable; • Skills to articulate ideas; and • Ability to multitask Creative (Innovative and Original Thinking) • Dare to be different; • Proactive and progressive thinking; • Unlock game-changing innovation; • Open to new ideas and suggestions; and • Interested in exploring new things Ethical (Strong Moral Values) • Fair, transparent and trustworthy; • Authentic and consistent in words and deeds; • Professional, committed and disciplined in execution; • Lead by example and be accountable in all actions; • Courteous, cooperative, tolerant and firm; and • Honest and humble Corporate Core Values (G.R.A.C.E) Organisational Guiding Principles (Attitude, Values, Culture) Attitude The Formation of a Positive Attitude Cultivate an open and positive perception of the situation, environment and responsibilities Values Appreciating the Pure Value of GRACE in Carrying out the Entrusted Duties The application of the pure values of GRACE is very important for: • developing a quality workforce; • trust; • creativity; and • agility in adapting to new changes • and instilling mutual respect Culture Fostering a Culture of Unity • The practice of AVC creates a healthy work environment and a harmonious atmosphere; and • Maintains good relations among colleagues Programmes and initiatives based on AVC’s aspirations have been implemented through Integrity Alert announcements, Pekeliling2U, talks, and briefing sessions. VISION POSITIONING MALAYSIA AS A GLOBALLY COMPETITIVE TRADING NATION
2022 ACHIEVEMENTS MATRADE undertook various efforts to achieve its founding goals,which encompass exporter development and export promotion. These efforts involve exporter capacity-building programmes, export promotion, trade information dissemination and the provision of advisory services and support. During the country’s recovery phase, MATRADE continued its initiatives by leveraging on digital technology and platforms to ensure the continuity of the country’s exports. Existing programmes were adapted to the practice of new norms. These efforts enabled MATRADE to fulfill its mandate of driving exports and making Malaysia a competitive trade nation on the global stage. In 2022, Malaysia continued its encouraging growth with another record-braking performace in trade, export, import and trade surplus recorded all-time highs. Trade recorded a two digit growth of 27.6% to RM2.844 billion compared to 2021. Exports grew 24.9% to RM1.55 trillion, exceeding the 12th MP projection, three years earlier than the target set in 2025. Imports rose 31% to RM1.294 trillion.,which is a new record that surpasses RM1 trillion for the first time. Trade surplus increased 1% to RM256.2 billion sustaining the trade surplus for 25 consecutive years since 1998. MATRADE possesses a database of over 10,544 exportoriented companies in Malaysia. These companies are assisted in ensuring sustainable export growth of Malaysian products and services. In 2022, MATRADE’s exporter capacity-building programme benefitted 19,494 companies, while the export promotion progammes involved 3,271 companies. MATRADE also continued to offer new strategic directions to companies in Malaysia by emphasising the use of digital technology and sustainability initiatives to ensure long-term growth. Moving forward, MATRADE remains committed in strengthening the country’s economy in its role as the leading organisation in steering and advancing the country’s export activities. Exports grew by to RM1.55 trilion, exceeding the 12th MP projection, three years earlier than the target set in 2025 24.9% 11 Malaysia’s trade in 2022 recorded another new achievement when it surpassed the level for two consecutive years and recorded the fastest growth since 1994 RM2 trillion MATRADE Organisation MATRADE Annual Report 2022
TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS 12 CHAIRMAN’S MESSAGE Emerging stronger from the pandemic-induced challenges, Malaysia demonstrated success in propelling its trade sector in 2022, driving the country’s economy to new heights. At the core of MATRADE and its stakeholders’ mission lies the objective of enabling Malaysian companies to augment the nation’s exports. In spite of immense global adversity, the Malaysian business community has remained competitive, bolstered by robust global demand, elevated commodity prices, and the export of an array of highvalue products. Malaysia’s trade reached a pinnacle in 2022 as exports, imports, and trade surplus all attained peak values. Notably, Malaysian exports surpassed the 12th Malaysia Plan (12MP) targets three years earlier than the envisioned 2025 timeline. Trade performance in 2022 exceeded RM2 trillion for the second consecutive year, marking the swiftest growth since 1994, with exports escalating by 25% to RM1.55 trillion
MATRADE Organisation MATRADE Annual Report 2022 Tan Sri Dr. Halim Mohammad Chairman, MATRADE Trade performance in 2022 exceeded RM2 trillion for the second consecutive year, marking the swiftest growth since 1994, with exports escalating by 25% to RM1.55 trillion. 13 DRIVING EXPORTS FORWARD WITH DIGITALISATION Post-pandemic, MATRADE harnessed digital technology to ensure that trade and export activities continued to flourish. The success of the Malaysia International Halal Showcase (MIHAS) 2022, carried out in a hybrid format for the first time, stands testament to this focus. The event generated a record-breaking RM2.39 billion in sales, encompassing RM1.65 billion in exhibition sales and RM745.20 million from the International Sourcing Programme (INSP), where RM650.8 million represented physical sales and RM94.3 million accounted for virtual sales. Conforming to the National Trade Facilitation Plan (NTBp) aspirations, trade associations and their members have been prioritised via the Empowering Trade Associations (ETA) programme, targeting the empowerment of the export ecosystem and enhancing the country’s exports. Moreover, Malaysia’s exports were further bolstered through the implementation of Free Trade Agreements (FTAs) signed under the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), commencing in 2022. FORTIFYING RESILIENCE In the face of global economic uncertainties arising from inflationary pressures, geopolitical disputes, and disruptions in global supply chains, MATRADE remains committed to intensifying international trade promotion and export activities. Consequently, more export opportunities will be created for local businesses to maintain competitiveness in the global market. These promotional endeavors will be executed under three primary agendas: Digitalisation, Sustainability, and the National Trade Facilitation Plan (NTBp). Additionally, MATRADE has outlined multiple export promotion programmes for 2023 to bolster the Malaysian exporter community. In conclusion, I express my gratitude to the government for entrusting me with the responsibility to lead MATRADE towards accomplishing its mission and objectives. I also convey my heartfelt appreciation, particularly to the Minister of International Trade and Industry, the Board of Directors, and all MATRADE staff for their unwavering dedication and close collaboration in ensuring the success of the organisation’s initiatives throughout 2022.
TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS 14 KE ARAH MASA DEPAN EKSPORT MAMPAN FROM THE DESK OF THE CEO MATRADE’s post-pandemic capacity building programmes and trade promotion activities have proven highly successful in boosting international trade. These efforts have yielded an impressive RM1.552 trillion in exports, surpassing the target outlined in the 12th Malaysia Plan (12MP), three years ahead of schedule. Throughout 2022, MATRADE supported more than 1,500 companies through its Market Development Grants scheme, assisted 585 companies through eTRADE 2.0, and overall, aided close to 20,000 businesses through a variety of export development programmes. By leveraging our extensive network of 46 international offices, MATRADE continued to pave the way for Malaysian exporters to enter and thrive in the global market. This was achieved by facilitating the exchange of valuable trade and market information, ensuring that our exporters remain well-informed and competitive on an international scale.
MATRADE Organisation MATRADE Annual Report 2022 15 EXPO 2020 DUBAI* As Malaysia’s Pavilion Trade & Business Collaboration Partner at Expo 2020 Dubai (Oct 2021 - March 2022), MATRADE orchestrated over 500 business matches involving 21 ministries, five state governments, 70 agencies, and more than 400 companies. This partnership showcased MATRADE’s prowess in aiding Malaysian exporters to uncover global opportunities, whilst fostering economic recovery in the endemic stage. In this period, 4,000 trade leads were curated with 100 Memorandums of Understanding valued at RM77 billion being signed. Companies from diverse sectors — including food and beverage, logistics, construction, automotive, green technology, Halal, and AI technology — formed key alliances with partners from Qatar, UAE, Saudi Arabia, New Zealand, UK, Germany, India, and beyond. Complementing the expo, MATRADE, in collaboration with SME Bank, organised two Export Acceleration Missions (EAMs) to help Micro, Small, and Medium Enterprises (MSMEs) scale their businesses utilising the expo’s global platform. 2022 TRADE PERFORMANCE Malaysia’s trade performance in 2022 demonstrated consistent growth, surpassing the RM2 trillion milestone for the second consecutive year and achieving its highest growth since 1994. Total trade volume grew by double digits (27.8%) to RM2.848 billion. The country’s exports surged by 25% to RM1.552 trillion, exceeding the projections outlined in the 12th Malaysia Plan (12MP) for 2025, three years ahead of target. Meanwhile, total import value surpassed the RM1 trillion mark for the first time, experiencing a growth of RM31.3% to RM1.297 trillion. The growth in exports was driven by the robust performance of various key sectors, Specifically, Electrical and Electronic (E&E) products, petroleum, LNG, palm oil and palm oil-based products, crude petroleum, as well as machinery, equipment, and spare parts contributed significantly to the double-digit increase of over RM10 billion. All these sectors saw their highest ever export values, with the exception of crude petroleum. Meanwhile, exports to major trading partners ASEAN, China, the United States, the European Union, and Japan, saw record highs. TRANSFORMING THE ORGANISATION Over the course of 2020 - 2022, MATRADE underwent a comprehensive transformation, introducing initiatives to enhance its brand, optimise resources, and boost revenue generation. The transformation included renovating levels 22 and 23 of Menara MATRADE with world-class design and facilities to reflect MATRADE’s new corporate identity. On 6 December, the revamped levels were officially unveiled by the Chairman and Board of Directors. Exports grew 25% to RM1.552 trilion It is implemented across four stages, with the completion expected by the second quarter of 2023. This project aims to involve 35,000 local companies, including MSMEs, within a five-year period, with export values ranging from RM60 million to RM70 million. Additionally, 11 main revenue-generating projects have been approved and are expected to generate an annual income of nearly RM30 million for MATRADE. * Note: Expo 2020 Dubai was postponed to October 2021 due to the COVID-19 pandemic.
16 TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS The Trade Commissioner (TC) Conference Programme for the Americas, Europe, and East Asia (Miami, Istanbul, and Tokyo) was held in November 2022 to exchange and share information among Trade Offices and Headquarters. The TC Conference is crucial to enable MATRADE management to discuss current developments, future directions, financial positions and organisational aspirations face-to-face. DIGITALISATION INITIATIVE Throughout the year, MATRADE prioritised enhancing its internal IT infrastructure and applications under the Digital MATRADE Package 3 (DM3) programme. Cognisant of the integral role of technology in the new normal and beyond, MATRADE proposed recommendations to the government to enhance existing digitalisation initiatives through the National Economic Action Council (MTEN). These proposals include the establishment of the Integrated Trade Event Platform (ITEP), a dedicated platform for virtual connections between international buyers and Malaysian companies. Additionally, a Single Information Portal for Export (SIPE) is being developed to provide comprehensive value chain information from various sources, helping Malaysian companies become global players. These initiatives position MATRADE as a leader in modern trade promotion, equipping the organisation to navigate the ever-evolving international trade landscape. Prior to the COVID-19 pandemic, MATRADE had already begun digitising its services, encouraging exporters to become more digitally savvy. MATRADE also intensified efforts to support Malaysian exporters in adapting to the new normal, reducing costs and alleviating financial burdens for businesses affected by the pandemic. Notably, the digitalisation efforts were showcased during MIHAS 2021, which was hosted entirely in a virtual format. MATRADE’s achievements in this field were recognised internationally, as the organisation received the World Trade Promotion Organisation (WTPO) Award for the Best Use of Information Technology in the Trade Promotion category. SUSTAINABILITY AGENDA The sustainability agenda is a global effort that has impacted countries, industries, and companies. Advanced markets like the EU, the United States, and Japan have implemented responsible and ethical sourcing requirements based on Environmental, Social, and Governance (ESG) guidelines for imported goods.
17 MATRADE Organisation MATRADE Annual Report 2022 In light of this, it is crucial for Malaysian exporters to embrace sustainable business practices in becoming part of the global supply chain. MATRADE is actively encouraging and supporting our exporters in adopting these practices. To facilitate this transition, MATRADE has collaborated with major brands and global players like CIMB, Bank Islam, Standard Chartered, and DHL in organising webinars and knowledge-sharing sessions on sustainability featuring renowned speakers who provide valuable insights and guidance. To ensure that MATRADE stays up to date with the latest developments, all of our Trade Commissioners have been instructed to monitor ESG-related developments within their respective areas. They continuously provide us with updated information, conduct analysis, and assess the impact on our country’s exports. NATIONAL TRADE FACILITATION FRAMEWORK (NTBP) MATRADE is committed to implementing the recommendations of the National Trade Facilitation Master Plan (NTBp) to boost Malaysia’s export competitiveness. We are actively involving stakeholders from both the public and private sectors in this effort. Working groups, overseen by the Ministry of International Trade and Industry (MITI) and MATRADE, are working diligently to achieve the objectives set out in the NTBp. Our ultimate goal is to improve Malaysia’s standing and aim for a place among the top 20 global trading nations. In conclusion, I wish to express my sincere appreciation to the Minister of International Trade and Industry for the invaluable support and insightful guidance in assisting MATRADE in fulfilling its mission and advancing its initiatives. I would also like to extend my gratitude to the top management of MITI for their collaboration and guidance throughout this journey. Their input has been instrumental in our achievements. I would also like to take this opportunity to express my heartfelt thanks to the Board of Directors, senior management, and all the dedicated warga MATRADE. It is their unwavering commitment and hard work that enable us to excel as an organisation that is gemilang, terbilang, dan cemerlang. Thank you, Datuk Mohd Mustafa Abdul Aziz Chief Executive Officer, MATRADE
18 TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS BOARD OF DIRECTORS (As of December 2022) Datuk Kamal Khalid Chief Corporate and Transformation Officer Celcom Axiata Berhad Tan Sri Dr. Halim Mohammdad Chairman Datuk Lokman Hakim Ali Secretary General Ministry of International Trade and Industry (MITI) Dato Mohammad Medan Abdullah Chief Executive Officer Bintulu Port Holdings Berhad Dato’ Hazimah Zainuddin Managing Director Hyrax Oil Sdn Bhd Dato’ Mahmud Abbas Chief Executive Officer Selangor State Development Corporation (PKNS)
19 MATRADE Organisation MATRADE Annual Report 2022 Datuk Mohd Mustafa Abdul Aziz Chief Executive Officer Malaysia External Trade Development Corporation (MATRADE) Mohd Sakeri Abd Kadir Division Secretary Financial Control, Strategic and Corporate (SBKSK) Rina Neoh Siew Lian Co-Founder & Investor Ficus Venture Capital Sdn Bhd Tan Sri Muhammad Shahrul Ikram Yaakob Non-Executive Director Sime Darby Berhad Dato’ Sri Dr. Irmohizam Ibrahim JP Executive Director World Trade Centre Kuala Lumpur Datuk Dr. Zunika Mohamed Deputy Director General (Policy) Economic Planning Unit (EPU) Datuk Ravi Muthayah Secretary General Ministry of Plantation Industries & Commodities (MPIC)
TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS 20 SENIOR MANAGEMENT Datuk Mohd Mustafa Abdul Aziz Chief Executive Officer MATRADE Sharimahton Mat Saleh Deputy Chief Executive Officer Export Acceleration Abu Bakar Yusof Deputy Chief Executive Officer Exporters Development Datuk Aureen Jean Nonis Senior Director Strategic Planning Division (retired on 9/10/2022) Amran Yem Senior Director Export Promotion and Market Access Division (appointed 23/2/2022) Abu Bakar K.V. Koyakutty Senior Director Export Promotion and Market Access Division (retired on 23/2/2022) Khairul Annuar Abdul Halim Senior Director Digital Transformation and Commerce Division YM Raja Badrulnizam Raja Kamalzaman Senior Director Strategic Planning Division (appointed 9/10/2022) Norzihan Mohd Zain Senior Director Finance Management Section (retired on 8/4/2022) Mansor Shah Wahid Senior Director Finance Management Section (appointed 8/4/2022) (As of December 2022)
MATRADE Organisation MATRADE Annual Report 2022 21 Yuslinawati Mohd Yusof Director Transportation and Logistics Section A’dzimah Ahmad Ghazali Director Development Assistance Section & Exporter Advisory & Training Services Section Jamaliah Jamaludin Director Development Assistance, Export Advisory & Exporter Training Section Khairul Nizam Moonier Director Financial Management Section Idzham Abdul Hamid Director Central Asia, West, South & Africa Section S. Jai Shankar Director Oil & Gas, Chemical & Energy Section Remee Yaakub Director Halal, Food and Beverage & Agro-based Section Naim Abdul Rahman Director China & East Asia Section Jamaluddin Abdullah Director Information Technology Section Zalela Jaafar Director Electrical & Electronic, ICT, Machinery and Equipment Section (Medical Equipment & Pharmaceutical) Ahmad Nasaruddin Mohd Noor Director ASEAN & Oceania Section Asnor Vidya Nor Azmi Director Europe & America Section Razida Hanim Abdul Razak Director Lifestyle & Life Sciences Section
TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS 22 ORGANISATIONAL STRUCTURE MATRADE’s main function is to promote the export of Malaysian products and services and develop exporter activities, which forms the core of its organisational structure. MATRADE has a workforce of 615 staff who assist Malaysian exporters in accessing the international market across five (5) regional and 46 overseas offices. CHIEF EXCUTIVE OFFICER BOARD OF DIRECTORS Internal Audit Unit Integrity Unit Stakeholder Relations Officer Export Promotion and Market Access Division Transformation and e-Commerce Division Strategic Planning Division Management Services Division Deputy CEO Office Exporters Development Deputy CEO Office Export Acceleration
MATRADE Organisation MATRADE Annual Report 2022 23 Electrical & Electronics, ICT, Machinery and Equipment Section Transportation & Logistics Section Oil & Gas, Chemical and Energy Section Halal, Food & Beverage and Agro Section Lifestyle & Life Sciences Section Construction & Business Services Section ASEAN & Oceania Section • Bangkok • Hanoi • Ho Chi Minh City • Jakarta • Manila • Medan • Melbourne • Phnom Penh • Yangon China & East Asia Section • Beijing • Chengdu • Guangzhou • Hong Kong • Osaka • Seoul • Shanghai • Taipei • Tokyo Central, West and South Asia & Africa • Almaty • Cairo • Chennai • Doha • Dubai • Jeddah • Johannesburg • Lagos • Mumbai • Nairobi • Tashkent European & American Section • Budapest • Buenos Aires • Frankfurt • Istanbul • Kiev • London • Los Angeles • Mexico City • Miami • Milan • Moscow • New York • Paris • Rotterdam • Santiago • Sao Paulo • Warsaw Development Assistance Section • Market Development Unit • Services Development Unit Special Programme Section • Mid-tier Company Unit • x-SEED Unit (Formerly Go-Ex Unit) • Bumiputera, Women & Youth • Exporters’ Development Unit Regional Offices • North (Pulau Pinang) • South (Johor) • East (Terengganu) • Sabah • Sarawak Information Technology Section • Industrial Database & eServices Unit • Application Development Unit • IT Operations & Security Unit • Network Unit • Planning & IT Administration Unit Digital Trade Section • eCommerce Ecosystem Unit • eTRADE Programme Unit Advisory Services & Exporters Training Section • Exporter Advisory Services Unit • Exporter Training Unit • Export Exhibition Centre Malaysia (MEEC) • Business Information Centre (BIC) Research Section • Trade Analysis Unit • Trade Statistics Unit Strategic Development Section • Strategic Development Unit • International Collaboration Unit Coordination and Monitoring Section • Strategic Coordination Unit • Performance Monitoring Unit Strategic Communication Section • Corporate Communication Unit • Trade Publication Unit Financial Management Section • Financial Unit • Accounting Unit • Procurement Unit • Revenue Generation Unit Corporate Management Section • Administration Unit • Legal Unit Human Resources Section • Organisational Planning & Transformation Unit • Human Resource Management Unit • Competency & Talent Development Unit Facilities Management Section • Facility Management Unit • Asset Management Unit
TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS 24 MATRADE NETWORK 1. Los Angeles 2. New York 3. Miami 4. Mexico City 5. Santiago 6. Sao Paolo 7. Buenos Aires 8. London 9. Paris 10. Milan 11. Frankfurt 12. Rotterdam 13. Istanbul 14. Warsaw 15. Budapest 16. Kiev 17. Moscow 18. Almaty 19. Tashkent 20. Jeddah 21. Dubai 22. Doha 23. Cairo 24. Nairobi 25. Johannesburg 26. Lagos 27. Mumbai 28. Chennai 29. Yangon 30. Bangkok 31. Ho Chi Minh City 32. Hanoi 33. Phnom Penh 34. Medan 35. Jakarta 36. Manila 37. Chengdu 38. Beijing 39. Shanghai 40. Guangzhou 41. Hong Kong 42. Taipei 43. Seoul 44. Tokyo 45. Osaka 46. Melbourne 26 6 7 5 11 9 3 12 2 8 1 4
Trade Performance Report MATRADE Annual Report 2022 25 MATRADE HEADQUARTERS Kuala Lumpur MATRADE BRANCH OFFICES Penang Johor Terengganu Sabah Sarawak 46 OVERSEAS OFFICES 5REGIONAL OFFICES 20 24 25 23 13 16 17 14 11 10 15 22 18 19 21 28 27 35 34 30 32 29 33 31 44 42 39 38 43 45 37 41 40 36 46 MATRADE Organisation
26 TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS CHAPTER Trade Performance Report TRADE PERFORMANCE FOR MALAYSIA 2022 SUMMARY OF MARKET PERFORMANCE FTA & NEW/EMERGING MARKETS PERFORMANCE OF KEY COMMODITY SECTORS IMPORT PERFORMANCE SERVICE SECTOR PERFORMANCE
27 Trade Performance Report MATRADE Annual Report 2022 This chapter focuses on Malaysia’s trade performance in 2022, which surpassed the RM2 trillion mark for the second consecutive year. It includes the market summaries of ASEAN & Oceania, China & Northeast Asia, the Americas, and Europe. Performance of key commodity sectors, imports, and the services sector are also covered in this chapter.
28 TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS TRADE PERFORMANCE FOR MALAYSIA 2022 In 2022, trade performance continued to excel as trade, exports, imports, and trade surplus figures achieved new record highs. This achievement is a positive indicator that the country’s trade performance is on a continued upward trajectory driven by high external demand and robust commodity prices. Trade performance recorded the fastest growth since 1994, achieving a significant milestone in surpassing the RM2 trillion mark for the second consecutive year. Total trade value saw a double-digit growth of 27.6% yearon-year to reach RM2.844 trillion with exports, imports, and trade surplus recording their highest values to date, respectively. Exports grew by 24.9% to RM1.55 trillion, exceeding the projections in the Twelfth Malaysia Plan 20212025 (12MP) three years ahead of the target. Import performance grew 31% to surpass the RM1 trillion mark for the first time ever, at RM1.294 trillion. Trade surplus increased 1% to RM256.2 billion, marking the 25th consecutive year of trade surplus. Malaysia’s five main trading partners in 2022 were ASEAN, China, the United States (US), the European Union (EU), and Japan. Collectively, these five markets accounted for 67.6% of Malaysia’s total trade. ASEAN was Malaysia’s largest export market, followed by China, the US, the EU, and Japan. These five markets contributed 68.1% to the country’s total exports. Meanwhile, the five main sources of imports were ASEAN, China, Taiwan, the US, and the EU, collectively contributing 68.8% to Malaysia’s total imports. In 2022, exports for the primary sectors of manufactured goods, agriculture goods, and mining products each recorded the highest figures on the back of double-digit growth. Export of manufactured goods grew by 22.1% from 2021, surpassing the RM1 trillion mark - for the second time - to RM1.305 trillion, setting a new high. This figure represents 84.2% of total exports. The E&E products sector was the largest contributor to exports, accounting for 38.3%, or RM592.96 billion, following growth of 30%. This increase was attributed to strong demand for semiconductors driven by rapid global technological advancements and the digitalisation of businesses. MAJOR TRADING PARTNERS ASEAN r China US EU Japan 67.6% of total trade Represent
29 Trade Performance Report MATRADE Annual Report 2022 KEY HIGHLIGHTS OF TRADE PERFORMANCE IN 2022 • Trade, exports, imports, and trade surplus all recorded their highest amounts to date; • Trade surpassed the RM2 trillion mark for the second consecutive year, with the fastest growth since 1994; • Exports exceeded projections in 12MP; three years ahead of the target year 2025 • 25th consecutive year of trade surplus; • New record amounts for exports to key trading partners ASEAN, China, the United States, the European Union, and Japan; • Significant export growth in emerging markets such of Egypt, Sri Lanka, Mozambique, Papua New Guinea, Togo, Djibouti, and Afghanistan; * syer • New record highs for exports to FTA partners and double-digit growth for exports to markets under the RCEP, which came into effect in 2022; • Double-digit growth for the manufactured goods, agriculture goods, and mining products sectors, with manufactured goods surpassing the RM1 trillion mark for the second year. • Sustained export growth supported by robust performance of electrical and electronic (E&E) products, petroleum products, and liquefied natural gas (LNG) exports. 25% 31.3% PASARAN EKSPORT UTAMA Exports grew Imports grew to a new record to RM1.552 trilion of RM1.296 trilion
30 TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS TOTAL TRADE RM771.83 billion 34% EXPORT RM452.83 billion 31.8% KEY EXPORTS IMPORTS RM319 billion 37.1% MARKET PERFORMANCE SUMMARY Trade with ASEAN countries increased 33.8% to RM770.78 billion from the previous year, the highest value to date. As Malaysia’s strategic trading partner, ASEAN accounted for 27.1% of Malaysia’s total trade in 2022. Among Malaysia’s top 20 trading partners, five were ASEAN countries: Singapore (second), Indonesia (sixth), Thailand (seventh), Vietnam (twelfth), and the Philippines (sixteenth). There was an increase in trade to all ASEAN markets of 31.8% to RM452.72 billion, contributing 29.2% to Malaysia’s total exports. Goods that saw increased exports to the region include E&E products, petroleum products, and crude petroleum. Meanwhile, the main export items were E&E products, with a share of 37%, petroleum products (17.6%), and chemicals & chemical products (7%). Imports from ASEAN grew 36.7% to RM318.05 billion. The primary imported goods were E&E, petroleum, and chemicals & chemical products . Singapore was the main export market, contributing 51.4% to the total exports to the region, followed by Thailand (14.5%), Indonesia (12.3%), Vietnam (11.8%), the Philippines (6.2%), Brunei (1.7%), Myanmar (1.3%), Cambodia (0.5%), and Lao PDR (0.2%). Exports to Singapore increased 33.6% to RM232.48 billion, driven by the main exports of E&E products (49.6%) petroleum products (16.3%), and machinery, equipment and parts (7%). Imports from Singapore increased 44.2% to RM135.04 billion, with the primary imported goods being petroleum products, E&E products, and chemicals & chemical products. KEY EXPORT MARKETS *denotes share of total regional exports E & E PRODUCTS PETROLEUM PRODUCTS CHEMICALS & CHEMICAL PRODUCTS ASEAN Philippines 6.2% Singapore 51.4%* Brunei 1.6% !ailand Indonesia Viet Nam 14.5% Myanmar 1.3% Lao PDR 0.2% 12.4% Cambodia 0.5% 11.8%
31 Trade Performance Report MATRADE Annual Report 2022 TOTAL TRADE RM487.14 billion 15.6% EXPORT RM210.62 billion 13.6% KEY EXPORTS IMPORTS RM229.02 billion 33% China remained Malaysia’s largest trading partner for the 14th consecutive year, accounting for 17.1% of total trade. Trade with China increased 15.4% to RM486.38 billion from 2021. China was also the second-largest export market for Malaysia with 13.6% of total exports. Exports to China grew 9.4% to RM210.55 billion, the highest recorded value to date. This growth was driven by exports of E&E goods, liquefied natural gas (LNG), and palm oil and palm oilbased agriculture products. The main export items to China were E&E products at 38.5%, followed by chemicals & chemical products (9.1%), and LNG (8.6%). China continued to be Malaysia’s main source of imports at 21.3%, increasing 20.4% to RM275.83 billion. The primary imported goods were E&E products, machinery, equipment and parts, chemicals & chemical products. E & E PRODUCTS CHEMICALS & CHEMICAL PRODUCTS LNG CHINA
32 TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS The United States (US) remained Malaysia’s third-largest trading partner, with a share of 9.4% of total trade, increasing 23.3% to RM267.63 billion from 2021. Exports to the US reached a record high, growing 17.6% to RM167.21 billion, attributed to the increase in exports of E&E products, petroleum products, and iron and steel products. The primary export items to the United States were E&E products (57.4%), optical and scientific equipment (6.7%), and wood products (4.5%). Imports from the United States increased 34.4% to RM100.42 billion. The main imported goods were E&E products, transport equipment, and machinery, equipment and parts. TOTAL TRADE RM267.57 billion 23.3% TOTAL TRADE RM181.5 billion 21.2% E & E PRODUCTS OPTICAL AND SCIENTIFIC EQUIPMENT WOOD PRODUCTS THE UNITED STATES IMPORTS RM100.42 billion 34.4% IMPORT RM83.27 billion 12.6% KEY EXPORTS KEY EXPORTS EXPORTS RM167.15 billion 17.5% EXPORTS RM98.24 billion 29.6% Japan remained Malaysia’s fourth-largest trading partner, with trade increasing 21.4% to RM181.73 billion. Trade with Japan constituted 6.4% of Malaysia’s total trade. JEPUN Japan was also Malaysia’s fourth-largest export market. Exports to Japan saw double-digit growth for the second consecutive year, increasing 30.1% to RM98.66 billion following increased exports of LNG, crude petroleum, and palm oil and palm oil-based agriculture products. The primary export items to Japan were LNG at 31%, E&E products (24.3%), and crude petroleum (4.7%). Imports from Japan increased by 12.4% to RM83.08 billion. The main imported goods were E&E products, machinery, equipment and parts, and manufactures of metal. LNG E & E PRODUCTS CRUDE PETROLEUM
33 Trade Performance Report MATRADE Annual Report 2022 TOTAL TRADE RM216.49 billion 27.7% EXPORTS RM126.31 billion 21.8% MAIN EXPORTS IMPORTS RM90.18 billion 17.7% E & E PRODUCTS OIL PALM (AGRICULTURE) OIL PALM (MANUFACTURED) MAIN TRADING PARTNERS The European Union (EU) continued to be a major trading partner, contributing 7.6% to total trade. Trade with the EU recorded double-digit growth, increasing 9.9% to RM216.24 billion. Germany was the largest trading partner within the EU, representing 27.7% of Malaysia’s total trade with the region, followed by the Netherlands (22.2%) and Italy (8.5%). Exports to the region grew 21.5% to RM126.07 billion, driven by an increase in the export of E&E products, followed by petroleum products and manufactures of metal. The main export items to this region were E&E products (41.3%), palm oil and palm oil-based agriculture products (9.3%), and palm oil-based manufactured goods (7.6%). Imports from the European Union (EU) increased 17.7% to RM90.18 billion. The main imported goods were E&E products, chemicals & chemical products, and machinery, equipment and parts. The Netherlands was the largest export destination in the EU market at 33.3%, or RM41.95 billion, increasing by 34.6%, driven by the increased export of E&E products, palm oil-based manufactured goods, and manufactures of metal. The primary export items to the Netherlands are E&E products with a 38.3% share, palm oil and palm oilbased agriculture products (18.8%), and palm oil-based manufactured goods (13.5%). Imports from the Netherlands increased 23.2% to RM5.96 billion. The main imported goods were Germany Netherlands France 8.5% 27.7%* 22.2% petroleum products, chemicals & chemical products, and processed food. * share of total regional market EUROPEAN UNION (EU)
34 TOWARDS THE FUTURE OF SUSTAINABLE EXPORTS Trade with Free Trade Agreement (FTA) partners accounted for 67.3% of Malaysia’s total trade in 2022, reflecting an increase of 26.3% to RM1.914 trillion. In 2022, trade with the new/emerging markets of Egypt, Sri Lanka, Mozambique, Papua New Guinea, Togo, Djibouti, and Afghanistan showed a significant increase. Exports to FTA partners reached the highest recorded value of RM1.069 trillion, increasing by 25.7% and representing 69% of Malaysia’s total exports. The growth was attributed to an increase in the exports of E&E products, petroleum products, and LNG. The primary export items to FTA markets were E&E products at 37.4%, petroleum products (10.7%), and chemicals & chemical products (6.5%). Singapore, China, Japan, Hong Kong SAR, and Thailand were the primary FTA export destinations. Collectively, these markets accounted for 65.8% of total exports to FTA trading partners. Exports to Egypt grew 24.3% to RM3.57 billion, Djibouti (up 118.9% to RM1.65 billion), and Afghanistan (up 76.1% to RM1.57 billion), driven by strong exports of palm oil and palm oil-based agriculture products. TOTAL TRADE RM1.916 trillion 26.4% EXPORTS RM1,069 trillion 25.7% MAIN EXPORTS IMPORTS RM846.63 billion 27.2% E & E PRODUCTS PETROLEUM PRODUCTS LNG FTA MARKETS NEW/EMERGING EXPORT MARKETS FTA & NEW/EMERGING MARKETS Exports to Singapore grew 33.6% to RM232.48 billion, supported by an increase in the export of E&E products. This was followed by exports to Japan (up 30.1% to RM98.66 billion, driven by LNG), Hong Kong SAR (up 24.7% to RM95.67 billion, E&E products), China (up 9.4% to RM210.55 billion, E&E products) and Indonesia (up 42.3% to RM55.74 billion, petroleum products). Imports increased 27% to RM845.34 billion, contributing 65.3% to Malaysia’s total imports. E&E products, petroleum products, and chemicals & chemical products were the main imported goods from the FTA markets. Meanwhile, exports to Sri Lanka increased 14.1% to RM3.45 billion, Mozambique (up 32.6% to RM2.65 billion), Togo (up 69.6% to RM2.32 billion), and Papua New Guinea (up 58.9% to RM2.25 billion), supported by the increase in petroleum product exports. Egypt Afghanistan Mozambique Togo Djibouti Sri Lanka Papua New Guinea RM3.61 billion RM1.57 billion RM2.65 billion RM2.32 billion RM1.65 billion RM3.45 billion RM2.25 billion
35 Trade Performance Report MATRADE Annual Report 2022 In 2022, exports of manufactured goods increased 22.1% to RM1.305 trillion, comprising 84.2% of Malaysia’s total exports. E & E products held the largest share at 38.3% of total exports, increasing 30% to RM592.96 billion, attributed to the strong demand for semiconductors driven by the rise in global technological advancements and digitalisation of businesses. The main export markets for E&E products were Singapore (19.4%), the US(16.2%), and China (13.7%). Petroleum products were the secondlargest contributor to exports at 10.4%. The export of petroleum products surged 67.6% to RM161.21 billion. The main export markets for petroleum products were Singapore at 23.4%, Indonesia (15.9%), and Australia (9.6%). In 2022, the export of agricultural products recorded its highest value at RM120.9 billion, growing 23.3% from the previous year and contributing 7.8% to Malaysia’s total exports. The main export items for agricultural products were palm oil and palm oil-based agriculture products (6.2% share), natural rubber (0.3%), and sawn wood and timber (0.2%). The primary export market for palm oil and palm oil-based agriculture products was India, with a share of 16.4%, followed by China (10.2%) and the Netherlands (8.2%). The export of mining goods, comprising 7.6% of the country’s total exports in 2022, surged by 68.2% to RM117.35 billion compared to 2021. The primary export items for mining goods were LNG ( 4.4% share), crude petroleum (2.1%), and metalliferous ores and metal scrap (0.7%). Japan was the largest export market for LNG, at 44.9%, followed by China (26.5%) and the Republic of Korea (18.4%). EXPORTS RM1,307 trillion 22.3% MAIN EXPORT E & E PRODUCTS PERFORMANCE OF MAJOR SECTORS Meanwhile, the export of chemicals & chemical products was the third-largest contributor (5.2%), recording an increase of 14% to RM80.58 billion. The main export markets for chemicals & chemical products were China with a share of 23.8%, Thailand (10.6%), and Indonesia (9.6%). Other manufactured goods contributing to export growth were: • Machinery, equipment and parts (↑21% to RM60.41 billion) • Optical and scientific equipment (↑20.7% to RM56.63 billion) • Palm oil-based manufactured goods (↑26.5% to RM41.39 billion) • Iron and steel products (↑ 15% to RM33.83 billion) • Processed food (↑ 15.5% to RM28.41 billion) EXPORT OF MANUFACTURED GOODS EXPORT OF AGRICULTURAL PRODUCTS EXPORT OF MINING GOODS RM593.52 billion 38.3%
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