Trade growth may exceed 5-6pc target [New Straits Time (Malaysia)]
(New Straits Time (Malaysia) Via Acquire Media NewsEdge) KUALA LUMPUR: Malaysia is poised to achieve a higher trade expansion this year, surpassing the initial target of between five and six per cent set by the International Trade and Industry Ministry.
This is based on the outstanding trade performance registered in the first five months of the year, which jumped 10.2 per cent to RM597.22 billion from RM536.30 billion last year, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
"Exports for the manufacturing sector rose about 14 per cent and the electrical and electronics sector also expanded more by than 14 per cent," Mustapa said yesterday.
He said the global economic recovery would help to boost trade, especially exports, for the rest of the year.
"There's a recovery in the world economy with performance much higher than last year's, especially in the United States and the European Union. China's economic growth is expected to remain about the same as last year's 7.4 per cent."
According to the Department of Statistics, Malaysia's total trade from January to May rose 10.2 per cent to RM597.22 billion from the same period a year ago.
Exports for the five months rose by 13.5 per cent to RM319 billion while imports expanded by 6.7 per cent to RM278.21 billion, and a trade surplus of RM40.79 billion was recorded for the period.
Trade with Asean valued at RM161.74 billion, accounted for 27.1 per cent of total trade, followed by China (RM83.55 billion), the EU (RM58.83 billion), the US (RM47.17 billion) and Japan (RM36.17 billion).
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