KUALA LUMPUR: The trade sector may face challenging prospects this year, Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed.

Mustapa said a team of experts from the ministry was currently working on the trade forecast figures for this year.

“The team is looking at the impact on current oil prices, economy, balance of payments, fiscal deficit as well as the Goods and Services Tax. The figures would be announced in several weeks’ time.

“2015 is a challenging year but I don’t want to pre-empt as more detailed analyses needed to be done,” he told reporters this after launching the Malaysian Association of Asean Young Entrepreneurs (MAAYE) here today.

He said the ministry would revisit its forecast figures on foreign direct investments and export value for electrical and electronic products in view of the current ringgit’s performance.

“The ringgit has pluses and minuses in terms of impact. We will do more detailed calculation,” he said.

Mustapa said Malaysia’s exports in November 2014 rose by 2.1 per cent to RM63.73 billion, the highest ever recorded for the month of November.

“The trade surplus of RM11.13 billion registered during the month was the highest value since November 2011,” he said.

On MAAYE, Mustapa said, it would connect young Malaysian entrepreneurs and their Asean counterparts more effectively through official channels and to promote business skills.

“Such connectivity will contribute significantly to the strengthening of our small and medium enterprises sector, the primary economic driver for the Asean Economic Community,” he said.

“The ministry and its agencies are committed to assist the MAAYE to promote Malaysia as the one-stop centre for budding young entrepreneurs,” he said.