KUALA LUMPUR, Jan 30 — Malaysia’s total trade is projected to grow moderately by 5 per cent in 2019 from 5.9 per cent in 2018 due to uncertainties in the global market.
International Trade and Industry Minister Datuk Darell Leiking said global economic growth was expected to weaken this year due to slowing trade, policy and uncertainties in major economies and rising interest rates.
“The World Bank has also trimmed global economic growth estimates to 2.9 per cent in 2019 from three per cent in 2018, while the World Trade Organisation lowered world trade projections to 3.7 per cent in 2019 from 3.9 per cent in 2018,” he told a press conference after announcing Malaysia’s trade performance for 2018.
Darell said concern over disruptions to the global supply chain arising from the United States-China trade conflict would also contribute to the slowing global growth.
However, he said Malaysia was able to capture much of the divestment from both countries in 2018, which led to 8.1 per cent higher trade with China and 1.1 per cent higher trade with the United States.
Meanwhile, Malaysia External Trade Development Corp (Matrade) deputy chief executive officer Datuk Wan Latiff Wan Musa said exports and imports were also targeted to grow at 5 per cent for 2019.
“We have identified focused products that we want to push such as E&E, aerospace, automotive, medical devices, chemicals as well as optical and scientific devices.
“We have also identified focused markets because we are seeing increasing exports to non-traditional markets such as Bangladesh, Peru, the Czech Republic, Hungary and Papua New Guinea,” he added.
Wan Latiff will officially become Matrade chief executive officer on February 1. — Bernama
