Malaysia can maintain exports growth next year

Published: Thursday October 16, 2008 MYT 8:17:00 PM
Malaysia can mantain exports growth next year

By LEE KIAN SEONG

KUALA LUMPUR: Malaysia is able to maintain its double digit growth in exports in 2008 and possibly 2009 as well despite the slowdown in global markets, said the Malaysia External Trade Development Corporation (MATRADE).

Its chief executive officer Datuk Noharuddin Nordin said on Thursday the target was achievable as Malaysian exports have diversified, with major export markets that included fast growing economies like China, India, Russia, Latin America and Brazil.

A pick-up up in E&E exports (electrical and electronic products) to China, India and other countries had offset the slowdown in US exports, he said, adding that the total value for US exports had declined 8.4% for the first eight months.

The total export value for Malaysia had increased 16.1% to a total value of RM449.9bil for the first eight months this year, Noharuddin said, adding that double digit growth was expected to be maintained for the whole year.

“We hope the export market will achieve double digits growth next year but there might be a slowdown in terms of growth figures due to the global financial crisis,” he said after the a briefing on MATRADE’s external trade promotion work programme for 2009.

“We need to go to the countries which were less affected by financial crisis but without neglecting our traditional markets like North America, European Union and Japan,”

Noharuddin acknowledged that the growth in Asian markets was slowing down but pointed out that China and India were still expected to achieve 9% and 7% growth respectively this year.
Asian markets accounted for 66.4% of Malaysia’s total export for the first eight months this year compared with 63% in the previous corresponding period, he said.

He said the electrical and electronic (E&E) sector would remain the largest contributor to Malaysian exports this year. The sector contributed 38.2% to total exports in the first eight months.

“Although the growth for E&E products had dropped from the 43.9% that achieved last year ... the value was marginally up 0.9%,” Noharuddin pointed out.

On the 2009 trade promotion programme, Noharuddin said the programme would be aimed at markets in Asia, particularly in North East Asia and ASEAN markets.