Malaysia's Total Trade Expected To Grow By 2.7 Pct This Year

KUALA LUMPUR, Feb 8 (Bernama) -- Malaysia's total trade is expected to grow by 2.7 per cent this year due to moderate pick-up in global trade and higher commodity prices. International Trade and Industry Minister, Mustapa Mohamed, said the ministry was working towards increasing exports by three per cent this year, up from 1.1 per cent last year, while imports were expected to grow by two per cent from 1.9 per cent previously. "Commodity prices have been steady, with crude oil now staying around US$55 (US$1= RM4.44) per barrel. If it holds up at this level, it will definitely have a positive impact on the total trade," he told reporters here Wednesday after announcing Malaysia's trade performance for 2016. On whether the stronger ringgit would have any effect on Malaysia's export competitiveness, Mustapa it would not. "The trade is impacted by the economy's long-term economic structure and not currency fluctuations," he said. For 2016, Malaysia’s total trade grew by 1.5 per cent, reaching up to US$335.57 billion (RM1.49 trillion) from US$328.77 billion (RM1.46 trillion) in 2015. Meanwhile, exports rose by 1.1 per cent to RM785.93 billion and imports grew by 1.9 per cent to RM698.66 billion. The performance resulted in a trade surplus of RM87.27 billion, making 2016 the 19th consecutive year of trade surplus since 1998. Meanwhile, with regards to the non-progression of the Trans-Pacific Partnership Agreement (TPPA), Mustapa said, Malaysia would be putting more focus closer to home, particularly ASEAN. On whether he will be attending the post-TPPA summit in Chile next month, the minister said although he had received the invite, he would be unable to attend. "But I will be represented by the Malaysian Ambassador there," he said. Mustapa said this year, the ministry's priority was to ramp up efforts in reducing non-tariff barriers by putting it on the agenda during the next ASEAN-level meeting, as well as to assist more small businesses from Malaysia in penetrating the ASEAN market. -- BERNAMA