April Trade Figures May Be Affected If Situation In Europe Persists
KUALA LUMPUR, April 19 (Bernama) -- Malaysia's trade figures for April may be affected, if Europe continues to be impacted by the volcanic eruption in Iceland, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
He said trade figures from January to March were very good but foresaw activities slowing down in April.
The volcanic eruption spewed a thick ash cloud into the air, causing flight chaos in Europe, and affecting people globally.
"Our biggest market is Asia. Although Europe is not the biggest, there will be some impact on economic activities.
"We will monitor the situation closely," Mustapa said at a press conference after visiting Innopeak (M) Sdn Bhd, an engineering solutions provider in aerospace and automotives.
The minister said there are a few thousand Malaysians, especially businessmen, stranded in Europe due to flights cancellations caused by the volcanic eruption.
Last Friday, Malaysia Airlines alone recorded five flight cancellations, affecting nearly 1,400 passengers while the daily AirAsia X flight to London was also hit, stranding its 300-odd passengers at the low-cost carrier terminal.
Meanwhile, the minister said the government is encouraging SMEs involved in the aerospace industry to participate in the Maintenance, Repair and OverHaul (MRO)business in Subang.
This is in line with the government's efforts to promote Subang as an aviation hub.
He said currently there are about 30 companies involved in the MRO business in Subang.
Citing Innopeak as an SME company that has established a network and business in Subang, he said other SMEs should do the same.
Innopeak Managing Director Suzanna Shahari said the company is taking steps to venture into the global supply chain in aerospace tooling.
"Currently, we are in the midst of obtaining approval for the certified license for Class A toolings.
"We hope to acquire the license by this year and look to establishing apresence in the global supply chain in 2011, by tapping the United States or UK market," she added.
Innopeak, which started its business operation in 1993, is diversified into customisation in design and manufacturing of high quality precision toolings, jigs and and fixtures, engineering components, precision machining, fabrication, tool repair and services.
According to Suzanna, the aerospace business currently contributes 30 per cent to the company's growth.
"By spreading our wings to the global supply chain, we are targeting it to contribute 70 per cent from the current 30 per cent," she said.
She also said the potential value of the aerospace industry the company is looking to bid for globally, is about RM50 million, for Class A toolings.
Ash cloud has not hurt Malaysia traders as yet
By Goh Thean Eu
gohtheaneu@nstp.com.my
2010/04/20
Malaysia's trade activities this month may be affected if air travel in Europe continues to be disrupted by the volcanic ash cloud from Iceland.
"Although Europe is not our biggest market - our biggest market is still Asia - we will still see some impact if the situation is prolonged," International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.
The closure of much of Europe's airspace is costing the airline industry hundreds of millions of dollars, while millions of passengers have been stranded.
Although importers and exporters alike have been hit, economists believe the situation will not hurt Malaysian traders as the problems are "localised".
"A bulk of global trades, some 80 per cent, are still done via sea freight," RAM chief economist Dr Yeah Kim Leng said when contacted.
Nevertheless, Mustapa and his team are keeping a close watch on the situation in Europe.
"The preliminary trade numbers we got for the first three months have been very good," he said after visiting Innopeak (M) Sdn Bhd, an engineering firm specialising in developing precision tools, in Petaling Jaya, Selangor, yesterday.
Mustapa also said that the government wanted small- and medium-scale enterprises specialising in the aerospace industry to take part in more maintenance, repair and overhaul (MRO) jobs in Subang, Selangor.
"This is in line with the government's efforts to promote Subang as an aviation hub," he said.
Currently, there are about 30 com-panies involved in the MRO business in Subang
Wednesday, April 21, 2010
Monday, April 5, 2010
Malaysia's Trade in February 2010
Malaysia sees trade surplus of RM11.67 billion in February
2010/04/02
KUALA LUMPUR: Malaysia recorded RM11.67 billion in trade surplus in February this year, making it the 148th consecutive month of trade surplus since November 1997, Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said.
Total trade value for the month was RM82.01 billion, an increase by 22.3 per cent compared with February last year, he said in the preliminary trade statistics released by his ministry today.
Exports in February amounted to RM46.84 billion, a decline by 10.7 per cent compared with January 2010, reflecting the shorter working period in the month and the festive season.
Consequently, total trade was 10.8 per cent lower compared with January 2010.
However, the exports were higher by 18.4 per cent when compared with February last year while imports surged 27.9 per cent to RM35.17 billion compared with February 2009.
The increase in export was largely contributed by higher exports of E&E products which increased by 23.5 per cent or RM3.45 billion, crude petroluem (125.7 per cent or RM1.89 billion), palm oil (31.3 per cent or RM815.5 million) chemical and chemicals products (33.4 per cent or RM777.1 million) as well as optical and scientific equipment (42.4 per cent or RM347.9 million).
Singapore, China, Japan, the United States and Thailand were the top five export destinations, accounting for 51.2 per cent of Malaysia's total exports during the month of February.
Exports to Asean amounted to RM12.46 billion, an increase of 26.1 per cent compared with February 2009.
Total imports in the month were higher by 27.9 per cent to RM35.17 billion from February 2009, due mainly to higher imports of intermediate goods.
The three main import categories were intermediate goods valued at RM23.52 billion or 66.9 per cent of total imports, capital goods (RM5.05 billion or 14.4 per cent) and consumption goods (RM2.41 billion or 6.9 per cent).
The top 10 import sources were Japan, China, Singapore, the United States, Thailand, South Korea, Indonesia, Taiwan, Germany and Hong Kong.
Total imports from Asean totalled RM9.26 billion or 26.3 per cent of Malaysia's total imports.
Total export for the first two months of 2010 inceased by 34.8 per cent to RM25.70 billion compared with the same period of last year, while imports jumped by 29.5 per cent to RM74.68 billion. -- BERNAMA
Malaysia exports up 18.4pc in February
Afp, Kuala Lumpur
Malaysia said Friday its exports, the mainstay of the economy, rose 18.4 percent year-on-year in February due to stronger demand for electronic goods and commodities.
The trade ministry said in a statement shipments rose to 46.84 billion ringgit (14.4 billion dollars) while imports were up 27.9 percent to 35.17 billion ringgit, producing a surplus of 11.67 billion ringgit.
The ministry said the increase was due to higher exports of electrical and electronic products (up 23.5 percent), crude petroleum (125.7 percent) and palm oil (31.3 percent), among others.
Electrical and electronic items account for more than one-third of Malaysia's total exports to key markets such as China, Singapore, Japan, Thailand and the United States.
Export-dependent Malaysia, Southeast Asia's third-largest economy, was hit by the global slowdown as its economy shrank 1.7 percent last year but the central bank has forecast a 5.5 percent expansion for this year.
Slower export growth in February due to shorter working period
By Rupa Damodaran
Published: 2010/04/03
MALAYSIA'S exports in February grew by 18.4 per cent year-on-year to RM46.84 billion, coming in below market expectations.
The shorter working period in February due to the Chinese New Year festivity was partially to blame for the slower pace of exports, said AmResearch senior economist Manokaran Mottain.
The International Trade and Industry Ministry (MITI) attributed February's export growth to electrical and electronic (E&E) products which had increased by 23.5 per cent, crude petroleum, (125.7 per cent), palm oil, (31.3 per cent), chemicals and chemical products, (33.4 per cent) as well as optical and scientific equipment, (42.4 per cent).
Imports in February, meanwhile, surged 27.9 per cent year-on-year to RM35.17 billion, while total trade rose 22.3 per cent to RM82.01 billion.
Compared to January 2010, exports decreased by 10.7 per cent and imports declined by 11 per cent, reflecting the shorter working period and the festive season.
According to MITI, Singapore, China, Japan, the US and Thailand were the top five export destinations.
Exports to Asean in February 2010 increased by 26.1 per cent to RM12.46 billion, while exports to China rose 38.6 per cent to RM5.69 billion compared to February 2009's figures.
Exports to the European Union (EU) expanded by 25.9 per cent, mainly due to higher exports of E&E products, palm oil and crude rubber.
It said exports to the US rose by 2.5 per cent in February, mainly due to demand for optical and scientific equipment as well as wood and rubber products.
"Although the export performance was affected by the shorter working month and calendar month, the drop was somewhat alarming given the trough was in January-February period in 2009," said Manokaran.
He is confident that the export trend will continue and gain momentum and that the strong digit growth is in tandem with regional peers.
2010/04/02
KUALA LUMPUR: Malaysia recorded RM11.67 billion in trade surplus in February this year, making it the 148th consecutive month of trade surplus since November 1997, Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said.
Total trade value for the month was RM82.01 billion, an increase by 22.3 per cent compared with February last year, he said in the preliminary trade statistics released by his ministry today.
Exports in February amounted to RM46.84 billion, a decline by 10.7 per cent compared with January 2010, reflecting the shorter working period in the month and the festive season.
Consequently, total trade was 10.8 per cent lower compared with January 2010.
However, the exports were higher by 18.4 per cent when compared with February last year while imports surged 27.9 per cent to RM35.17 billion compared with February 2009.
The increase in export was largely contributed by higher exports of E&E products which increased by 23.5 per cent or RM3.45 billion, crude petroluem (125.7 per cent or RM1.89 billion), palm oil (31.3 per cent or RM815.5 million) chemical and chemicals products (33.4 per cent or RM777.1 million) as well as optical and scientific equipment (42.4 per cent or RM347.9 million).
Singapore, China, Japan, the United States and Thailand were the top five export destinations, accounting for 51.2 per cent of Malaysia's total exports during the month of February.
Exports to Asean amounted to RM12.46 billion, an increase of 26.1 per cent compared with February 2009.
Total imports in the month were higher by 27.9 per cent to RM35.17 billion from February 2009, due mainly to higher imports of intermediate goods.
The three main import categories were intermediate goods valued at RM23.52 billion or 66.9 per cent of total imports, capital goods (RM5.05 billion or 14.4 per cent) and consumption goods (RM2.41 billion or 6.9 per cent).
The top 10 import sources were Japan, China, Singapore, the United States, Thailand, South Korea, Indonesia, Taiwan, Germany and Hong Kong.
Total imports from Asean totalled RM9.26 billion or 26.3 per cent of Malaysia's total imports.
Total export for the first two months of 2010 inceased by 34.8 per cent to RM25.70 billion compared with the same period of last year, while imports jumped by 29.5 per cent to RM74.68 billion. -- BERNAMA
Malaysia exports up 18.4pc in February
Afp, Kuala Lumpur
Malaysia said Friday its exports, the mainstay of the economy, rose 18.4 percent year-on-year in February due to stronger demand for electronic goods and commodities.
The trade ministry said in a statement shipments rose to 46.84 billion ringgit (14.4 billion dollars) while imports were up 27.9 percent to 35.17 billion ringgit, producing a surplus of 11.67 billion ringgit.
The ministry said the increase was due to higher exports of electrical and electronic products (up 23.5 percent), crude petroleum (125.7 percent) and palm oil (31.3 percent), among others.
Electrical and electronic items account for more than one-third of Malaysia's total exports to key markets such as China, Singapore, Japan, Thailand and the United States.
Export-dependent Malaysia, Southeast Asia's third-largest economy, was hit by the global slowdown as its economy shrank 1.7 percent last year but the central bank has forecast a 5.5 percent expansion for this year.
Slower export growth in February due to shorter working period
By Rupa Damodaran
Published: 2010/04/03
MALAYSIA'S exports in February grew by 18.4 per cent year-on-year to RM46.84 billion, coming in below market expectations.
The shorter working period in February due to the Chinese New Year festivity was partially to blame for the slower pace of exports, said AmResearch senior economist Manokaran Mottain.
The International Trade and Industry Ministry (MITI) attributed February's export growth to electrical and electronic (E&E) products which had increased by 23.5 per cent, crude petroleum, (125.7 per cent), palm oil, (31.3 per cent), chemicals and chemical products, (33.4 per cent) as well as optical and scientific equipment, (42.4 per cent).
Imports in February, meanwhile, surged 27.9 per cent year-on-year to RM35.17 billion, while total trade rose 22.3 per cent to RM82.01 billion.
Compared to January 2010, exports decreased by 10.7 per cent and imports declined by 11 per cent, reflecting the shorter working period and the festive season.
According to MITI, Singapore, China, Japan, the US and Thailand were the top five export destinations.
Exports to Asean in February 2010 increased by 26.1 per cent to RM12.46 billion, while exports to China rose 38.6 per cent to RM5.69 billion compared to February 2009's figures.
Exports to the European Union (EU) expanded by 25.9 per cent, mainly due to higher exports of E&E products, palm oil and crude rubber.
It said exports to the US rose by 2.5 per cent in February, mainly due to demand for optical and scientific equipment as well as wood and rubber products.
"Although the export performance was affected by the shorter working month and calendar month, the drop was somewhat alarming given the trough was in January-February period in 2009," said Manokaran.
He is confident that the export trend will continue and gain momentum and that the strong digit growth is in tandem with regional peers.
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