Malaysia-China trade deficit narrows to RM31b

By BERNAMA / Pic By ISMAIL CHE RUS

The trade deficit between Malaysia and China narrowed to RM31.32 billion from January to October 2017, compared to RM36.87 billion in the same period last year, said the Ministry of International Trade and Industry.

Deputy Minister Datuk Chua Tee Yong (picture) attributed the improvement to an increase in exports and initiatives by both countries to boost the trade balance, although commodity prices have yet to recover.

“Efforts such as the organisation of various expos, introduction of market strategies, establishment of free trade zones and high-level visits among top officials of both nat ions, have helped strengthen the resilience of our trade,” Chua added.

He was speaking to reporters on the sidelines of the China Asean Small and Medium Enterprises (SME) Trade Promotion Platform (CASTPP) Malaysia Business Forum in Kuala Lumpur yesterday.

Statistics showed that bilateral trade between Malaysia and China rose by 24.1% yearon- year (YoY) to RM237.96 billion between January and October 2017, with exports to China surging by 33.5% YoY to RM103.32 billion.

Imports from China also increased by 17.8% YoY to RM134.64 billion during the same period.

Meanwhile, on CASTPP, Chua said five Malaysian companies have exported their products valued at RM900,000 to China’s Qinzhou port via the platform, to date.

Launched in December last year, CASTPP is an online and offline platform which offers a one-stop solution for custom clearance for SMEs when exporting to China.

The forum highlighted CASTPP’s benefits and opportunities, the One Belt One Road initiative, trade financing and market knowledge on China.

A product sourcing session was also conducted, involving 20 mainland Chinese buyers and 25 Malaysian suppliers from the food and beverage industry.

Also present was Malaysia External Trade Development Corp CEO Dr Mohd Shahreen Zainooreen Madros.