Malaysia's trade jumps 22.6% to RM1.163t in Jan-Aug 2017

KEPALA BATAS: Malaysia's trade volume increased 22.6% to RM1.163 trillion during January-August 2017 period from the corresponding period a year ago, driven by Industry 4.0, with electrical and electronic products becoming the country's largest exports.

Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan said the electrical and electronic sector continued to be the top choice for the country's export products followed by petroleum products, chemical items, and machinery equipment.

The country's exports expanded 22.2% to RM611.92 billion, while imports rose 23% to RM551.07 billion during the period, he told reporters after officiating a briefing on Financial Facilities, Easy Loans and Grants for Small and Medium Enterprise (SME) Entrepreneurs organised by the Malaysian Industrial Development Finance Bhd (MIDF) here today.

Ong said the increase was very encouraging as Malaysia's population was only 30 million compared with other countries in the Southeast Asian group that outperformed the world's import and export markets.

Based on this achievement, Malaysia's trade volume could hit the RM1.5 trillion target by year-end, he said, adding that the country's trade surplus also increased 16% to RM60.84 billion during the January-August 2017 period.

Present were Penang Port Commission Chairman Datuk Tan Teik Cheng, Penang International Council for SMEs and Entrepreneurship Chairman R. M. Ravichandran, and MIDF Finance Development Division Head Azizi Mustafa.

Industry 4.0 is an era marked by dramatic advances in industrial and technological sectors which capitalises on remarkable strategies that will affect all industries and economies. — Bernama