Business

Malaysia on track to achieve 5% trade growth in 2017: Mustapa

KUALA LUMPUR: Malaysia is on track to achieving five per cent growth in trade in 2017, International Trade and Industry (Miti) Minister Datuk Seri Mustapa Mohamed said today.

Speaking at the launch of the Miti Report 2016, Mustapa explained that the record trade growth of 23.6 per cent in the first four months of 2017 is providing the momentum for the record growth.

He said in 2016, trade growth was 1.5 per cent.

According to the report, Malaysia’s total trade in 2016 stood at RM1.48 trillion, with exports rising 1.1 per cent to RM785.9 billion and imports rising 1.9 per cent to RM698.6 billion, creating a trade surplus of RM87.2 billion for the nation.
E&E being huge contributor to Malaysian trade
Mustapa said the electronics and electrical (E&E) sector is still a huge contributor to Malaysian trade, accounting for 35 per cent of the country's outgoing trade.

Going forward, he said that the creative and legal professions, and components of the service sector need to be leveraged as these also generate export incomes for the country.

Source: New Straits Times