Malaysia’s export growth expected to rebound by 8.2pc this year on strong external demand, says deputy minister

KUALA LUMPUR, July 13 — Malaysia’s export growth is projected to rebound by 8.2 per cent in 2021 driven by the improvement in external demand, said Deputy International Trade and Industry Minister Senator Datuk Lim Ban Hong.

He said the country’s exports had shown a positive growth trajectory following the progressive opening of the economy and gradual recovery of external demand.

Trade for the first five months of the year grew by 26 per cent year-on-year to RM867.4 billion (US$212.04 billion).

“The export growth was contributed mainly by robust demand for electrical and electronic products, mainly semiconductors, due to the increasing orders for work-from-home equipment and digitalisation of businesses; rubber products as well as petroleum products,” he said in a keynote address at the opening of the eNational Export Day (eNED) 2021 today.

Lim said most notably, being the largest global supplier of rubber gloves with about 50 per cent share in the global market, Malaysia had benefitted from the strong demand for the product during the pandemic and exports surged by 234.4 per cent to RM30.09 billion (US$7.36 billion).

Meanwhile, in his welcoming remark, Malaysia External Trade and Development Corporation (Matrade) chairman Tan Sri Dr Halim Mohammad said the agency was embracing the new norm by changing its approach to cater for a more agile assistance and enhancing promotional activities to ensure local companies remain competitive.

“We acknowledge that the pandemic has brought about numerous challenges to Malaysian businesses at large, and small and medium enterprises (SMEs) particularly.

“Matrade immediately responded to the situation by identifying the areas where exporters were hit the worst and looked for remedial solutions with the government to help bring the economy back on its feet,” he said.

Based on feedback received on last year’s eNED, Halim said, Matrade had embarked intensively on digitalisation drive by carrying out a series of developmental and promotional programmes through online platforms including virtual business matching (eBizMatch), webinars, online business pitching and consultation, virtual exhibition, as well as enhanced real-time market intelligence tool.

“Matrade will continue looking out for more innovative and pragmatic approach in enhancing deliveries to our SMEs and exporters,” he said.

In addition, the agency has also enhanced its iconic e-commerce programme, eTrade 2.0, to enable Malaysian SMEs to accelerate exports by onboarding cross-border e-commerce platforms and undertaking digital marketing activities. — Bernama