Malaysia's external trade performed fairly well despite unprecedented scenario, says MITI

KUALA LUMPUR (Jan 30): Malaysia’s external trade performed fairly well despite the unprecedented scenario, with exports rebounding in the second half of 2020 compared to the negative growth in the first half of the year, the Ministry of International Trade and Industry (MITI) said.

Senior minister Datuk Seri Mohamed Azmin Ali said this could be attributed to the progressive opening of the economy and gradual recovery of external demand.

“In fact, exports in December was the highest monthly value recorded for 2020, with exports to China recorded a new high in 2020 and similar momentum was reported for the United States which posted the largest value in the last decade,” he said in a statement today.

Mohamed Azmin said there was a significant export growth to the emerging markets, notably Costa Rica, Kazakhstan, Kenya, Nigeria, Ghana, and Cote d’Ivoire.

Rubber products, electrical and electronics products, as well as palm oil and palm oil-based agriculture products registered strong export expansion.

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