Matrade: Malaysia's exports to grow by 6pc

The Malaysia External Trade Development Corporation (Matrade) expects Malaysia's exports to grow by 6 per cent next year, says chief executive officer Dr Wong Lai Sum.

She said although Matrade projected between 7 per cent and 8 per cent growth for the country's exports this year, the figure may exceed the projection based on current performance.

"Looking at the current situation, we think it (exports growth for 2011) will exceed the projection," she told reporters after a media briefing on Matrade's 2012 Work Programme in Kuala Lumpur today.

For imports, Wong expected a growth of 7 per cent for 2012 and between 7 per cent and 8 per cent for this year. She was confident next year's export growth forecast of 6 per cent can be achieved provided "all things being equal" and if Malaysia continued to target the markets where demand continued to grow.

"Growth in exports for 2012 will come from Asean, South Asia, including China, East Asia, basically from Asia. We are focusing on Asean as many of our companies have invested in Asean," she added.

Malaysia's exports continued to expand in September 2011, increasing 16.6 per cent compared RM58.68 billion registered a year ago.

Imports amounted to RM49.05 billion, up 12.9 per cent, while total trade rose 14.9 per cent to RM107.73 billion with trade surplus in September recording RM9.63 billion.

Between January and September, total trade expanded 8.6 per cent to RM937.97 billon compared with the corresponding period in 2010.

Exports increased 8.3 per cent to RM513.59 billion while imports rose 8.9 per cent to RM424.37 billion, resulting in a trade surplus of RM89.22 billion, during the same period.

Top destinations for the period were mainly countries in Asia.
Asean continued to provide a strong regional market for Malaysia with exports increasing 10.6 per cent in September.

Exports to Asean amounted to RM13.71 billion, accounting for 23.4 per cent of Malaysia's total exports, in September.
However, export growth to Asean in the fourth quarter, is expected to be impacted by the floods in Thailand.

Malaysia's exports to Thailand comprise mainly industrial products, including intermediate goods. Exports to Thailand that may be affected in the fourth quarter are automotive parts and accessories, chemical and chemical products, machinery and transport equipment and, electrical and electronic products.

Wong also said despite the crisis in Europe, Malaysia's export to Europe was still growing. "There is a single-digit growth of between 4 and 5 per cent. We are still growing in countries like Germany but not (large growth) as before. At least, we are able to sustain and being able to sustain at current levels is very important because companies will be able to break even," she said. -- Bernama