Export Mission In China Yields RM64.13 mln In Sales -- MATRADE
KUALA LUMPUR, April 1 (Bernama) -- The Export Acceleration Mission (EAM), in conjunction with the China Food and Drinks Fair (CFDF) 2024 in Chengdu, China, has successfully recorded RM64.13 million (US$13,56 million) in export sales and received 1,329 trade enquiries.
The Malaysia External Trade Development Corporation (MATRADE) said the event, held from March 19 to 22, involved 15 Malaysian companies from the food and beverage (F&B) sector.
It aimed to enhance Malaysia’s visibility and presence in China, particularly in regions that offer untapped potential for Malaysian businesses.
"The coordination of an EAM in Chengdu is a strategic move to underscore China's significance as Malaysia's largest trading partner for the past 15 years.
"Today, with a population exceeding 83.74 million and an urbanisation rate of 58.4 per cent, Sichuan Province boasts of a vast consumer base," MATRADE said in a statement Monday.
MATRADE further highlighted that Chengdu, the capital of Sichuan Province, stands out as one of China's rapidly growing new first-tier cities, with significant market potential.
"Its burgeoning economy and expanding consumer base make it an appealing destination for Malaysian exporters seeking to broaden their footprint in China,” it said.
In 2022, the province recorded 24.10 trillion yuan (RM16.15 trillion) or (US$3.41 trillion) in total retail sales of consumer goods, with e-commerce transactions reaching 4.15 trillion yuan (RM2.78 trillion) or (US$0.58 trillion).
Meanwhile, MATRADE Chengdu trade commissioner Mohamad Adris Abu Bakar emphasised that the EAM was part of the 50th-anniversary celebration of Malaysia-China diplomatic relations.
It facilitated 244 successful business matchings, providing Malaysian companies with direct access to Chinese buyers, he said.
"The EAM included market research through visits to local retail chains and experiencing product showcases at the international food and beverages zone of the CFDF.
"This experience provided invaluable exposure and insights into connections, regulatory requirements, market peculiarities, and business culture, crucial for refining strategies and boosting food exports to China," said Mohamad Adris.
He added that MATRADE's efforts have provided participants with a comprehensive understanding of China's dynamic food and beverage market, along with significant business opportunities for expansion, particularly in Western China.
In 2023, Malaysia's processed food exports to China surged by 10.9 per cent, hitting a value of RM3.95 billion (US$0.83). This notable growth underscores the market's potential for Malaysian F&B industry players.
-- BERNAMA
