KUALA LUMPUR, Nov 2 — Malaysia is on track to record total trade of RM1.5 trillion this year, supported by contributions mainly from the manufacturing and commodities sectors, said Minister of International Trade and Industry II, Datuk Seri Ong Ka Chuan.
He said as at August 2016, Malaysia's total trade stood at RM1.1 trillion.
"Last year, we achieved RM1.46 trillion and are expecting a growth of between 0.9 and one per cent this year," he told reporters at the launch of Malaysia Fashion Week 2016 (MFW 2016) here today.
Ong said his ministry was optimistic of achieving the target as Malaysia was a strategic location for businesses.
In the recent budget announcement, Prime Minister Datuk Seri Najib Tun Razak said Malaysia’s total trade was expected to reach RM1.5 trillion.
Meanwhile, Ong said, moving forward, the ministry expected export from the services industry, which was still a new segment, to improve further.
This include the contribution from the fashion and lifestyle segment, he said.
Malaysia External Trade Development Corp (Matrade) had said that exports from the fashion and lifestyle segment was set to rise by 12 per cent this year from nine per cent in 2015.
Last year, the segment chalked up an export value of RM21 billion.
The four-day MFW 2016, organised by Matrade, is dedicated to the fashion and lifestyle sector.
It showcases over 300 exhibition booths by local and international exhibitors from 16 countries, among them, Japan, South Korea, UK, Hong Kong, Australia and Turkey.
It is a public-private initiative aimed at elevating the profile of Malaysia as a fashion capital in the region. — Bernama