Malaysia-China trade to set another record high this year

By BERNAMA / Pic By RAZAK GHAZALI

THE Malaysia-China two-way trade is set to record another new high this year, judging by the first nine months of 2019 performance which has reached US$89.75 billion (RM375.02 billion), up 11.3% from the same period in 2018.

Malaysia’s special envoy to China Tan Kok Wai (picture) said the total trade hit a record high of US$108.6 billion last year, which is 683 times compared to US$159 million in 1974, the year when both countries first established their formal diplomatic ties.

“Malaysia-China trade volume is about one-fifth of the US-China and one-third of China-Japan trade volumes,” he told reporters after the launch of the second China-Malaysia Belt & Road Shaanxi Trade Expo in Kuala Lumpur yesterday.

In addition, Malaysia-China trade volume accounted for one-fifth of the total China-Asean trade.

Earlier in his speech, Tan said the relationship between Malaysia and China is still stepping forward on the right track and set to become deeper, better and stronger.

“Next year is the 2020 Malaysia-China Tourism Year. Malaysians always travel to China and we welcome more Chinese to visit Malaysia,” he added.

Tan said last year, 2.94 million Chinese nationals travelled to Malaysia, an increase of 29% from 2.28 million the year before.

“This year, it is not a problem to break through the three million (mark) of Chinese tourists, as for the first six months we had a total of 1.56 million Chinese tourists, which is an increase of 6.4% compared to 1.46 million in the same period last year,” he added.

Meanwhile, China’s ambassador to Malaysia Bai Tian said Malaysia-China’s bilateral trade volume for the January-October 2019 period exceeded US$100 billion.

In his speech, he said China has become Malaysia’s largest trading partner for 10 consecutive years.

The China-Malaysia Belt & Road Shaanxi Trade Expo is held concurrently with the Private Label Expo (MaPLE 2019) which will end tomorrow.

A total of 320 exhibitors from Malaysia, China, Oceania, Thailand and Africa are participating in MaPLE 2019, including 73 exhibitors from China’s Fujian province.

As for the Belt & Road trade expo, a total of 92 exhibitors joined the expo, out of which 75 exhibitors are from Shaanxi province and 17 exhibitors from Malaysia. — Bernama