Recovery was led primarily by the recovery in the electrical and electronics sector which accounted for 41.2% of Malaysia’s total exports
Where’s it all going?
The top five destinations were Singapore, China, Japan, the US and Thailand making Asia the main destination. China’s share of Malaysia’s total exports almost doubled in the five year period to 2009. It was 12.2% as compared with 6.6% in 2005. If taken in combination with Hong Kong, China is now Malaysia’s largest export destination accounting for 17.4% of total exports.
We forecast exports will grow by 3.5% this year as they continue along the path towards recovery. In the meantime we will strive to strengthen existing FTAs as well as negotiate and conclude ongoing agreements with countries like Chile and Australia.
We will also target fast growing markets like China, West Asia and India, as well as new and emerging markets and diversify into new niches in our more traditional markets.Imports were up by 3.4% from December 2008 to RM42.58 billion due mainly to higher imports of raw materials as well as heavy machinery and equipment.However, total imports in 2009 are 16.6% lower compared with the previous year.
As a result, a trade surplus of just over RM12 billion was recorded in December 2009, making it the 146th consecutive month of trade surplus since November 1997.