It was also attributable to higher exports of mining goods (26.5% growth) namely liquefied natural gas, crude petroleum and refined petroleum products, he said.
“Singapore, China, Japan, the United States and Thailand were the top five destinations, accounting for 52.7% of Malaysia’s total exports,” he added.
On the import statistics for December 2009, Mustapa said the figure had increased due mainly to higher imports of intermediate and capital goods.

“The total trade in 2009 was valued at RM988.24bil, a drop of 16.6% from 2008. During the same period, exports declined by 16.6% to RM553.3bil while imports were lower by 16.6% to RM434.94bil, resulting in a trade surplus of RM118.35bil,” he said.
On the outlook for 2010, Mustapa said the global economy was expected to expand by 3.9% year-on-year, with Asean five countries (Malaysia, Indonesia, the Philippines, Thailand and Vietnam) projected to grow by 4.7%.

“We believe Malaysia’s exports will continue the path of recovery in 2010 and increase by 3.5%, boosted by higher E&E demand and the better economy,” he said.
Mustapa said the ministry’s strategy to sustain export growth was to target fast-growing markets such as China, West Asia and India.
“We are also targeting new export markets such as Mexico, Brazil, Iran, Ghana, Uganda and Egypt.

“Apart from that, we will diversify into new niches in traditional markets such as manufacturing-related services, material for electronics, engineering supporting industry and also metal casting and stamping,” he said.

Mustapa said Malaysia aimed to negotiate and conclude free trade agreements with India, Chile and Australia this year to boost export.
It is also targeting Turkey and Gulf Cooperation Council countries for such pacts.

--The star