Malaysia’s economic performance increases 33.1% in 8 months

The country’s exports have also breached the RM1t mark within 8 months

by AZALEA AZUAR / TMRpic

SENIOR Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali revealed that Malaysia’s economic performance between the period of January to August this year has increased 33.1% taking the total trade value to RM1.87 trillion. 

The country’s exports have also breached the RM1 trillion mark within eight months.

“For August alone, Malaysia’s trade continued its record upward trend, charting a hike of 48.2% for exports and 67.6% for imports. This totals to a trade volume worth RM265.74 billion just for August,” he said in a statement yesterday.

On the other hand, the country’s inflation rate of 2.8% in the first seven months is relatively low compared to other countries in the region.

“This is mainly attributed to the heavy subsidies particularly to cushion the impact of high energy prices on the citizens, which is costing Malaysia around RM80 billion this year, the largest in our history,” he explained.

Mohamed Azmin also proposed a regional stockpile initiative which would entail each country to keep a national stockpile of critical products of which that particular country has comparative advantage relative to other trading partners.

“I believe this will go a long way towards ensuring that our regional supply chain and connectivity remain strong in facing future crises,” he added.

The senior minister is currently attending the 54th Asean Economic Ministers’ Meeting and Related Meetings in Siem Reap, Cambodia.

Among the discussion topics for the meeting are post-economic recovery efforts within the context of the Asean Comprehensive Recovery Framework (ACRF) and the implementation of the Asean Trade in Goods Agreement (ATIGA).

Mohamed Azmin said Malaysia is also recommending to expand the ACRF scope as it will aid in the formulation of a resilient Asean Post-2025 Vision agenda.

He also stressed the importance of micro, small and medium enterprises, as well as initiatives that would bring real and direct benefits to the people, particularly the youth, including job creation and value-add to local enterprises and industries.

On the topic of ATIGA, Mohamed Azmin suggested for a review of the agreement where it should be forward looking, comprehensive and more responsive to global and regional development to include new challenges such as green technology and digital economy.