Malaysia External Trade Development Corporation

The Highest Trade Surplus Recorded for the Month of March

Malaysia’s trade surplus in March 2023 widened to RM26.69 billion as compared to March 2022. This was the 35th consecutive month of trade surplus since May 2020 and the highest trade surplus ever recorded for the month of March. While trade surplus expanded, trade for the month declined by 1.6% to RM232.72 billion. Exports totalled RM129.71 billion, contracted by 1.4% and imports declined by 1.8% to RM103.01 billion.

Compared to February 2023, trade, exports, imports and trade surplus recorded double-digit growth of 13.5%, 15.5%, 11.1% and 36.4%, respectively.

Trade for the first quarter (Q1) of 2023 grew by 3.2% to RM644.87 billion compared to Q1 2022. Exports increased by 2.8% to RM354.63 billion and imports expanded by 3.7% to RM290.24 billion. Trade surplus edged down by 1% to RM64.39 billion. Trade, exports and imports registered the highest value for the period.

Compared to the fourth quarter (Q4) of 2022, trade, exports, imports and trade surplus were down by 10.2%, 9.8%, 10.7% and 5.2%, respectively.

Export Performance of Major Sectors

Manufactured Goods Dominated Exports

In March 2023, exports of manufactured goods which constituted 84% or RM108.96 billion of total exports decreased marginally by 0.4% year-on-year (y-o-y), attributed to lower exports of electrical and electronic (E&E) products, rubber products and wood products. Higher exports of petroleum products, optical and scientific equipment as well as machinery, equipment and parts offset the impact of the decline.

Exports of mining goods (8% share) totalled RM10.4 billion, a decrease of 3.5% y-o-y on account of lower exports of petroleum condensate and other petroleum oil. Meanwhile, increase in exports was registered for liquefied natural gas (LNG).

Exports of agriculture goods (7.3% share) stood at RM9.43 billion, fell by 10.8% compared to March 2022 due to lower exports of palm oil and palm oil-based agriculture products.

Major exports in March 2023:

• E&E products, valued at RM50.54 billion and accounted for 39% of total exports, decreased by 4.4% from March 2022;

• Petroleum products, RM12.32 billion, 9.5% of total exports, increased by 32.1%;

• Palm oil and palm oil-based agriculture products, RM7.28 billion, 5.6% of total exports, decreased by 14.2%;

• Chemicals and chemical products, RM6.54 billion, 5% of total exports, decreased by 5.2%; and

• Machinery, equipment and parts, RM5.71 billion, 4.4% of total exports, increased by 11.1%.

On a month-on-month (m-o-m) basis, exports of manufactured, mining and agriculture goods registered double-digit growth of 14.2%, 13% and 31.8%, respectively.

For Q1 of 2023, exports of manufactured goods rose by 2.6% to RM299.17 billion compared to the corresponding period last year. This was bolstered by higher exports of petroleum products, E&E products as well as optical and scientific equipment.

Exports of mining goods grew by 22.2% to RM29.82 billion boosted by higher exports of LNG and crude petroleum.

Exports of agriculture goods was valued at RM23.59 billion, decreased by 13.2% following lower exports of palm oil and palm oil-based agriculture products.

Trade Performance with Major Markets

ASEAN – Trade Expanded in Q1 2023

In March 2023, trade with ASEAN represented 27.9% or RM64.84 billion of Malaysia’s total trade, declined by 1.4% y-o-y. Exports amounted to RM37.98 billion, dropped by 3.4% on lower exports of E&E products. However, increases in exports were recorded for petroleum products, machinery, equipment and parts as well as transport equipment. Imports from ASEAN expanded by 1.6% to RM26.86 billion.

Breakdown of exports to ASEAN countries:

• Singapore RM20.74 billion, increased by 3.1%;

• Thailand RM5.58 billion, ↓3.7%;

• Indonesia RM4.88 billion, ↑17.9%;

• Viet Nam RM3.63 billion, ↓29.4%;

• Philippines RM2.20 billion, ↓18.3%;

• Myanmar RM477.1 million, ↑0.4%;

• Brunei RM242.1 million, ↓64.8%;

• Cambodia RM233.3 million, ↑19.1%; and

• Lao PDR RM6.4 million, ↓92.2%.

Exports to ASEAN major markets that recorded increases were Singapore which grew by RM615.3 million and Indonesia, expanded by RM738.9 million on account of robust exports of petroleum products.

Compared to February 2023, trade, exports and imports expanded by 15.5%, 12.7% and 19.6%, respectively.

For the period of January to March 2023, trade with ASEAN rose by 4.2% to RM176.23 billion compared to the same period of 2022. Exports edged up by 6.3% to RM105.77 billion boosted by robust exports of petroleum products, E&E products and crude petroleum. Imports from ASEAN rose by 1.1% to RM70.46 billion.

China – Trade Moderated in March 2023

In March 2023, trade with China which made up 16.3% or RM37.84 billion of Malaysia’s total trade contracted by 3% y-o-y. Exports to China was valued at RM16.68 billion, shrank by 6.2% as a result of lower exports of E&E products. Increase in exports however, was recorded for metalliferous ores and metal scrap, chemicals and chemical products as well as LNG. Imports from China slipped by 0.3% to RM21.16 billion.

Compared to February 2023, trade, exports and imports rose by 11.9%, 16.2% and 8.7%, respectively.

Trade with China during the period of January to March 2023 edged down by 2.4% to RM108.66 billion compared to the corresponding period of 2022. Exports fell by 8.1% to RM46.01 billion due to lower exports of iron and steel products as well as E&E products. Nevertheless, export expansion was registered for metalliferous ores and metal scrap, LNG as well as paper and pulp products. Imports from China was up by 2.2% to RM62.65 billion.

The US – E&E Products Supported Export Expansion

Trade with the United States (US) in March 2023 which accounted for 9.5% of Malaysia’s total trade increased by 5.2% y-o-y to RM22.05 billion. Exports expanded by 7.5% to RM14.59 billion, driven by solid exports of E&E products. Imports from the US edged up by 1% to RM7.46 billion.

On a m-o-m basis, trade, exports and imports grew by 16.8%, 18.3% and 14%, respectively.

For the period of January to March 2023, trade with the US was up by 5.3% to RM59.64 billion compared to the same period of 2022. Exports expanded by 8% to RM38.96 billion led by robust exports of E&E products. Imports from the US rose by 0.5% to RM20.68 billion.

The EU – Trade Growth Remained Robust

In March 2023, trade with the European Union (EU) took up 8.3% of Malaysia’s total trade, expanding by 6.1% y-o-y to RM19.41 billion. Exports amounted to RM10.98 billion, declined by 5.3% on account of lower exports of E&E products, palm oil and palm oil-based agriculture products as well as rubber products. However, export expansion was recorded for manufactures of metal, petroleum products as well as optical and scientific equipment. Imports from the EU increased by 25.9% to RM8.43 billion.

Breakdown of exports to the top 10 EU markets which accounted for 92.7% of Malaysia’s total exports to the EU were:

• Netherlands RM3.20 billion, decreased by 13.6%;

• Germany RM2.94 billion, ↑2.8%;

• Belgium RM1.19 billion, ↑22.6%;

• Spain RM709.5 million, ↑77.6%;

• France RM681.4 million, ↑37.3%;

• Italy RM584.9 million, ↓48.2%;

• Poland RM280.3 million, ↓9.7%;

• Czech Republic RM233.4 million, ↓32.5%;

• Hungary RM201.9 million, ↓3.3%; and

• Sweden RM156.7 million, ↓25.1%.

Exports to the EU major markets that recorded growth were Germany, which increased by RM80.8 million due to higher exports of E&E products, Belgium (↑RM219.5 million,petroleum products) and Spain (↑RM309.9 million, palm oil-based manufactured products).

Compared to February 2023, trade, exports and imports edged up by 23.7%, 22.7% and 25.2%, respectively.

For the first three months of 2023, trade with the EU climbed by 4.5% to RM52.05 billion compared to the corresponding period of 2022. Exports stood at RM29.28 billion, a decline of 2.3% compared to the same period last year due to lower exports of E&E products. The contraction however was cushioned by increase in exports of petroleum products. Imports from the EU rose by 14.7% to RM22.77 billion.

Japan – Export Expanded in Q1 2023

In March 2023, trade with Japan which contributed 6.4% or RM15.01 billion to Malaysia’s total trade slipped by 6.8% y-o-y. Exports was valued at RM8.28 billion, fell by 6% owing to lower exports of manufactures of metal, wood products and palm oil-based manufactured products. Nevertheless, higher exports was recorded for LNG as well as palm oil and palm oil-based agriculture products. Imports from Japan dropped by 7.7% to RM6.73 billion.

On a m-o-m basis, trade, exports and imports climbed by 13.7%, 15% and 12.1%, respectively.

For the period of January to March 2023, trade with Japan was up by 1.3% to RM42.3 billion compared to the same period of 2022. Exports grew by 4.3% to RM23.66 billion buoyed by strong exports of LNG. Imports from Japan shrank by 2.2% to RM18.63 billion.

Trade with FTA Partners

In March 2023, trade with Free Trade Agreement (FTA) partners which contributed 67.5% or RM157.18 billion to Malaysia’s total trade edged down marginally by 0.9% y-o-y. Exports to FTA partners declined by 1.5% to RM89.48 billion and imports shrank by 0.1% to RM67.7 billion.

Increases in exports were recorded to Australia, which grew by 37.2% to RM4.82 billion and New Zealand (↑61.8% to RM655.6 million) boosted by robust exports of petroleum products. Exports to Mexico rose by 42.2% to RM2.02 billion and India (↑0.9% to RM4.54 billion) backed by strong exports of E&E products. Meanwhile, exports to Hong Kong SAR expanded by 9.5% to RM7.83 billion following higher exports of iron and steel products and exports to Peru increased by 27.7% to RM67 million on higher exports of palm oil-based manufactured products.

Compared to February 2023, trade, exports and imports expanded by 13.6%, 14.8% and 11.9%, respectively.

Trade with FTA partners during the first three months of 2023 edged up by 2.7% to RM437.02 billion compared to the corresponding period of 2022. Exports increased by 3.7% to RM247.41 billion and imports climbed by 1.5% to RM189.61 billion.

Import Performance

Total imports in March 2023 contracted by 1.8% y-o-y to RM103.01 billion. The three main categories of imports by end use, which accounted for 70.7% of total imports were:

• Intermediate goods, valued at RM53.81 billion or 52.2% of total imports, decreased by 8.7% y-o-y, following lower imports of primary fuel and lubricants;

• Capital goods, valued at RM9.77 billion or 9.5% of total imports, increased by 3.5%, due to higher imports of industrial transport equipment; and

• Consumption goods, valued at RM9.26 billion or 9% of total imports, grew by 6.2%, as a result of higher imports of semi-durables.

During the period of January to March 2023, imports grew by 3.7% to RM290.24 billion from the same period of 2022. Imports of intermediate goods contracted by 3.7% to RM151.04 billion compared to the same period last year, capital goods (↑0.3% to RM27.3 billion) and consumption goods (↑0.8% to RM24.55 billion).

 

Trade in February Remained Buoyant with Double Digit Growth

Malaysia’s trade performance continued its upward trajectory in February 2023. Trade registered double-digit year-on-year (y-o-y) growth, increasing by 11% to RM204.99 billion compared to February 2022. Exports grew by 9.8% to RM112.28 billion and imports expanded by 12.4% to RM92.71 billion. Trade surplus was recorded for 34 consecutive months since May 2020, valued at RM19.56 billion. Trade, exports and imports registered the highest monthly value for February.

The export growth was supported by strong exports of petroleum products, electrical and electronic (E&E) products as well as liquefied natural gas (LNG). Meanwhile, exports to major trading partners notably ASEAN and the United States (US) recorded double-digit growth.

Compared to January 2023, trade surplus grew by 7.9%, while trade, exports and imports slipped by 1.1%, 0.3% and 1.9%, respectively due to shorter working days.

For the period of January to February 2023, trade rose by 6.1% to RM412.17 billion compared to the same period of 2022. Exports expanded by 5.4% to RM224.93 billion and imports climbed by 7% to RM187.24 billion. Meanwhile, trade surplus edged down marginally by 1.8% to RM37.69 billion. Trade, exports and imports registered the highest value for the period.

Export Performance of Major Sectors

Petroleum Products, E&E Products and LNG Supported Export Growth

In February 2023, exports of manufactured goods which accounted for 85% of total exports rebounded by 9.5% y-o-y to RM95.4 billion. The increase was boosted by robust exports of petroleum products and E&E products.

Exports of mining goods (8.2% share) climbed by 34.8% y-o-y to RM9.2 billion, the 23rd consecutive month of double-digit growth, led by higher exports of LNG.

Exports of agriculture goods (6.4% share) totalled RM7.16 billion, declined by 9% compared to February 2022 due to lower exports of palm oil and palm oil-based agriculture products.

Major exports in February 2023:

;• E&E products, valued at RM44.27 billion and accounted for 39.4% of total exports, increased by 11.7% from February 2022;

• Petroleum products, RM12.26 billion, 10.9% of total exports, surged by 67.5%;

• Chemicals and chemical products, RM6.16 billion, 5.5% of total exports, decreased by 7.2%;

• LNG, RM5.42 billion, 4.8% of total exports, increased by 32.9%; and

• Palm oil and palm oil-based agriculture products, RM5.38 billion, 4.8% of total exports, decreased by 13.8%.

On a month-on-month (m-o-m) basis, exports of manufactured and agriculture goods improved by 0.6% and 2.1%, respectively while exports of mining goods fell by 10.1%.

For the period of January to February 2023, exports of manufactured goods rose by 4.4% to RM190.21 billion compared to the corresponding period last year. This was attributed to higher exports of petroleum products and E&E products.

Exports of agriculture goods was valued at RM14.16 billion, decreased by 14.7% due to lower exports of palm oil and palm oil-based agriculture products.

Exports of mining goods grew by 42.4% to RM19.43 billion boosted by higher exports of LNG and crude petroleum.

Trade Performance with Major Markets

ASEAN – Exports Recorded 19th Consecutive Month of Double-Digit Growth

In February 2023, trade with ASEAN took up 27.4% of Malaysia’s total trade, rising by 10% y-o-y to RM56.14 billion. Exports grew by 14.8% to RM33.69 billion, the 19th straight month of double-digit expansion, underpinned by higher exports of petroleum products and E&E products. Imports from ASEAN expanded by 3.5% to RM22.45 billion.

Breakdown of exports to ASEAN countries:

• Singapore RM18.48 billion, increased by 27.7%;

• Singapore RM18.48 billion, increased by 27.7%;

• Thailand RM5.06 billion, ↑6.5%;

• Indonesia RM3.85 billion, ↑13.3%;

• Viet Nam RM3.06 billion, ↓32.3%;

• Philippines RM2.08 billion, ↑32.5%;

• Brunei RM539.6 million, ↑208.3%;

• Myanmar RM391.1 million, ↑30.9%;

• Cambodia RM223.9 million, ↑47.5%; and

• Lao PDR RM7.4 million, ↑31.9%.

Exports to all ASEAN markets recorded growth except Viet Nam. Exports to major markets that recorded increases were Singapore which grew by RM4.01 billion, on account of robust exports of E&E products, Thailand (↑RM308.5 million, crude petroleum) and Indonesia (↑RM450.7 million, E&E products).

Compared to January 2023, trade and imports expanded by 1.6% and 6.1%, respectively while exports dropped by 1.2%.

For the period of January to February 2023, trade with ASEAN climbed by 7.8% to RM111.4 billion compared to the same period of 2022. Exports to this region increased by 12.7% to RM67.79 billion driven by strong exports of petroleum products, E&E products and crude petroleum. Imports from ASEAN edged up by 0.8% to RM43.61 billion.

China – Increased Demand for LNG and E&E Products

In February 2023, trade with China which comprised 16.5% of Malaysia’s total trade climbed by 5.1% y-o-y to RM33.82 billion. Exports to China was valued at RM14.36 billion, slipped by 6% on the back of lower exports of iron and steel products, petroleum products as well as chemicals and chemical products. However, increased exports were recorded for LNG and E&E products. Imports from China grew by 15.2% to RM19.46 billion.

Compared to January 2023, trade, exports and imports fell by 8.6%, 4.1% and 11.6%, respectively.

Trade with China during the period of January to February 2023 decreased by 2.1% to RM70.82 billion compared to the corresponding period of 2022. Exports shrank by 9.1% to RM29.33 billion on lower exports of iron and steel products, petroleum products as well as palm oil and palm oil-based agriculture products. However, increased exports were seen for E&E products, metalliferous ores and metal scrap as well as LNG. Imports from China edged up by 3.6% to RM41.49 billion.

The US – E&E Products Bolstered Export Expansion

Trade with the US in February 2023 which absorbed 9.2% of Malaysia’s total trade rose by 9.8% y-o-y to RM18.89 billion. Exports registered a double-digit expansion of 18.7% to RM12.33 billion, assisted by strong exports of E&E products. Imports from the US edged down by 3.9% to RM6.55 billion.

On a m-o-m basis, trade and exports grew by 1% and 2.5%, respectively while imports declined by 1.7%.

For the period of January to February 2023, trade with the US increased by 5.3% to RM37.59 billion compared to the same period of 2022. Exports expanded by 8.3% to RM24.37 billion led by robust exports of E&E products. Imports from the US was up by 0.2% to RM13.22 billion.

The EU – Trade Growth Sustained

In February 2023, trade with the European Union (EU) contributed 7.7% to Malaysia’s total trade, expanding by 4.5% y-o-y to RM15.69 billion. Exports amounted to RM8.95 billion, slipped by 2.2% following lower exports of chemicals and chemical products, rubber products and E&E products. However, export expansion were recorded for petroleum products, optical and scientific equipment as well as manufactures of metal. Imports from the EU climbed by 14.9% to RM6.74 billion.

Breakdown of exports to the top 10 EU markets which accounted for 90.6% of Malaysia’s total exports to the EU were:

• Netherlands RM2.55 billion, decreased by 12.4%;

• Netherlands RM2.55 billion, decreased by 12.4%;

• Germany RM2.48 billion, ↓4.9%;

• Belgium RM654.4 million, ↑36.9%;

• Italy RM621.6 million, ↓16.0%;

• France RM594.0 million, ↑54.2%;

• Spain RM365.4 million, ↓29.4%;

• Czech Republic RM309.1 million, ↑27.1%;

• Poland RM231.8 million, ↓10.2%;

• Malta RM171.2 million, ↑2,849.3%; and

• Hungary RM136.8 million, ↓18.1%.

Exports to the EU major markets that recorded growth were Belgium, which increased by RM176.5 million due to strong exports of palm oil and palm oil-based agriculture products and France, rose by RM208.9 million buoyed by higher exports of petroleum products.

Compared to January 2023, trade, exports and imports edged down by 7.5%, 4.3% and 11.4%, respectively.

For the first two months of 2023, trade with the EU was up by 3.5% to RM32.65 billion compared to the corresponding period of 2022. Exports stood at RM18.3 billion, a marginal decrease of 0.4% compared to the same period last year due to lower exports of rubber products, E&E products as well as palm oil and palm oil-based agriculture products. However, export expansion were recorded for petroleum products, manufactures of metal as well as machinery, equipment and parts. Imports from the EU rose by 9% to RM14.34 billion.

Japan – Export Growth Supported by LNG

In February 2023, trade with Japan which comprised 6.4% of Malaysia’s total trade edged up by 4% y-o-y to RM13.2 billion. Exports grew by 8.3% to RM7.2 billion, supported by higher exports of crude petroleum and LNG. Imports from Japan slipped by 0.8% to RM6.01 billion.

On a m-o-m basis, exports and trade declined by 12.1% and 6.3%, respectively while imports was up by 1.7%.

For the period of January to February 2023, trade with Japan increased by 6.4% to RM27.29 billion compared to the same period of 2022. Exports rose by 10.8% to RM15.39 billion driven by robust exports of LNG. Imports from Japan expanded by 1.2% to RM11.91 billion.

Trade with FTA Partners

In February 2023, trade with Free Trade Agreement (FTA) partners which represented 67.5% of Malaysia’s total trade climbed by 9.3% y-o-y to RM138.43 billion. Exports to FTA partners edged up by 10.3% to RM77.92 billion and imports grew by 8.2% to RM60.51 billion.

Increases in exports were recorded to Australia, which grew by 20% to RM3.31 billion, Mexico (↑53.4% to RM1.48 billion) and New Zealand (↑79.6% to RM589.6 million) backed by robust exports of petroleum products. Meanwhile, exports to Hong Kong SAR expanded by 25.1% to RM7.06 billion following strong exports of E&E products, the Republic of Korea (ROK) (↑26.5% to RM4.82 billion, LNG), Turkiye (↑21.4% to RM1.51 billion, iron and steel products) and Peru (↑11.8% to RM49 million, processed food).

Compared to January 2023, trade, exports and imports slipped by 2.1%, 2.6% and 1.5%, respectively.

Trade with FTA partners during the first two months of 2023 rose by 4.9% to RM279.87 billion compared to the corresponding period of 2022. Exports edged up by 6.9% to RM157.94 billion and imports increased by 2.4% to RM121.93 billion.

Import Performance

Total imports in February 2023 grew by 12.4% y-o-y to RM92.71 billion. The three main categories of imports by end use, which accounted for 68.9% of total imports were:

• Intermediate goods, valued at RM48.98 billion or 52.8% of total imports, increased by 3.3% y-o-y, following higher imports of primary fuel and lubricants;

• Capital goods, valued at RM7.89 billion or 8.5% of total imports, declined by 0.3%, due to lower imports of non-transport capital goods; and

• Consumption goods, valued at RM7.06 billion or 7.6% of total imports, grew by 1.2%, as a result of higher imports of primary food and beverages mainly for household consumption.

During the period of January to February 2023, imports of intermediate goods contracted by 0.5% to RM97.42 billion compared to the same period last year, capital goods (↓1.2% to RM17.57 billion) and consumption goods (↓2.1% to RM15.3 billion).

FRIDAY, 14 APRIL 2023, JEDDAH: Saudi-based Elaf Group has entered into a strategic partnership with LaundryZone, a Malaysian brand which has achieved another milestone in the region by becoming the first Malaysian premium laundry company to provide this service in Saudi Arabia.

The partnership was formed during a signing ceremony held at Elaf Group's headquarters, in which the agreement indicates collaboration to lease and operate Elaf’s laundry facility in Makkah, one of the leading facilities in the holy city. The three-year agreement was signed by LaundryZone Chief Executive Officer Noor Hayati Basri and Elaf Group Vice President Majed Saud Kaki.

According to Noor Hayati, Elaf Group's reputation and accomplishments in the hospitality industry spanning 14 years has further strengthened this collaboration. In Malaysia, LaundryZone has provided services for renowned brands, particularly international aviation companies.

She added, “LaundryZone has well-developed experience in providing laundry and garment cleaning services for various industries, such as industrial, pharmaceutical, healthcare, food & beverage, hospitality, and retail. Our expertise includes cleaning linens, health materials, airplane cabins, and factories, as well as other services such as supplying equipment and disposable protective clothing for medical practitioners. With the company's reputation, we have been trusted to expand to Saudi Arabia and operate as one of the biggest laundry service providers in Saudi Arabia”.

"We aim to start factory operations before the Hajj season this year and are open to strategic partnership opportunities with travel agencies to provide laundry services specifically to Hajj and Umrah pilgrims through these agencies. Plans for self-service laundry cafes in Makkah will also follow suit within a few months after that. The opportunity to become one of the largest laundry service providers is not only a significant achievement for LaundryZone but also enhances the image of the facilities provided by Saudi Arabia to guests, especially in Makkah," she said.

The initial investment value for this collaboration is estimated to be at RM15 million and under this agreement, LaundryZone has also been entrusted to manage and operate laundry services for hotels under Elaf Group.

Noor Hayati further explained that the self-service laundry cafes in Saudi Arabia will be established in strategic urban areas of Jeddah, Madinah, and Riyadh. Among the facilities to be provided at the cafe are ironing facilities, self-service food machines, main counters selling food and drinks, as well as comfortable seating in a conducive atmosphere. Along with the self-service laundry facilities, LaundryZone will also introduce technological services through digital applications that suit the needs of today's consumers.

During the ceremony, the Trade Consul of the Commercial Section of the Consulate General of Malaysia in Jeddah, Mr. Faizalkhan Jaafar, expressed his appreciation for the collaborative efforts made by both Malaysian and Saudi companies in utilizing their respective strengths and expertise.

“The services provided through the partnership of LaundryZone and Elaf Group are aligned with the Kingdom's goal of enhancing the quality and variety of services offered to pilgrims, as the number of visitors to the holy sites is expected to rise significantly in the future years.” Mr. Faizalkhan added.

Under Saudi Vision 2030, the Kingdom aims to increase the number of pilgrims to 30 million by improving the delivery of services in logistics, healthcare, technology, and the tourism sector, among others.

MONDAY, 20 MARCH 2023, KUALA LUMPUR: The Malaysia External Trade Development Corporation (MATRADE) and Deloitte Malaysia welcomed the new batch of high performing Mid-Tier Companies (MTCs) at today’s Mid-Tier Companies Development Programme (MTCDP) Wave 9 Kick Off at Menara MATRADE.

Since its inception in 2014, MTCDP has successfully groomed 300 MTCs in various industries through tailored business interventions and customized activities to enhance their global competitiveness. A total of 26 new MTCs were onboarded to the programme today, where 14 of them from the manufacturing sector and the remaining 12 from the services sector.

“As we have MTCs with different levels of growth participating in Wave 9, we believe our platform accommodates the requirements of companies at all stages of development. We are confident that this diverse mix of MTCs will create a thriving and dynamic environment for cooperation, education, and progress, which will benefit not just individual companies but also the Malaysian business landscape,” said Datuk Mohd Mustafa Abdul Aziz, Chief Executive Officer of MATRADE.

This year, the implementation of MTCDP will be aligned with the core values of “Malaysia MADANI”, particularly sustainability and innovation.

“MTCs are the leader in our domestic supply chain. By adopting MADANI’s framework into, they will emerge as caring, compassionate and respectful organisations, especially in guiding Micro, Small and Medium Enterprises (MSMEs) as their vendors. MTCs will also be able to contribute towards socio-economic growth including job creation and undertake corporate social responsibilities (CSR) activities within local communities,” he added.

MTCDP continues to be a high impact development programme of MATRADE, with major aim to accelerate the export growth of Mid-Tier Companies in Malaysia, to be the regional and global champions. Development of these companies is part and parcel of a holistic approach, where MATRADE identifies potential MSMEs at the early stage to be new exporter, growing them to become Mid-Tier status and later, scale up to be the large corporations.

MATRADE is seeking more potential MTCs to be part of this exciting journey, towards developing their export capabilities. Recruitment for each wave is open all year round and applicants will be shortlisted during the Q4 of every year.

To be part of this growing community to propel Malaysia forward, interested companies are encouraged to contact This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.