Malaysia’s very strong trade performance in 2022 as announced by our Minister of International Trade and Industry (MITI) yesterday is strong proof that free trade agreements (FTAs) are beneficial in growing our nation’s economic activities, trade, and exports; and which will also raise the overall living standard of our Nation as a whole.
MCMTC commends the team at the Ministry of International Trade and Industry for their unwavering stance on the ratification of both the RCEP (Regional Comprehensive Economic Partnership Agreement) and the CPTPP (Comprehensive Progressive Agreement for Trans-Pacific Partnership), both game-changing agreements which will level the playing field for participating trading nations.
In his report, our Minister YB Datuk Seri Tengku Zafrul Aziz stated that our nation’s trade performance is on an upward trajectory with record-breaking trade value at RM2.8 trillion and exports reaching RM1.6 trillion, which exceeds the 12th Malaysia Plan’s projection for year 2025 by 24%, 3 years ahead of target! Imports surpassed RM1 trillion for the first time (at RM1.3trillion) and we also registered the largest-ever trade surplus at RM255.1 billion! He also highlighted that exports to Free Trade Agreement partners rose by 25.7% to over RM1 trillion, the highest value ever recorded. Exports to RCEP partners, which came into force in 2022, registered double digit expansion led by Singapore, Japan and China. Double digit growth was also recorded for the export of Manufactured goods which also registered the RM1 trillion mark.
2023 is forecast to be a challenging year globally but MCMTC is confident that with our Unity Government’s strong support in setting strategic policies based on the input of the private sector, Malaysia will be able to come out stronger. MCMTC thanks our Minister YB Datuk Seri Tengku Zafrul Aziz for the special acknowledgement of the Mid-Tier Companies’ (MTCs) contribution. We will continue to work closely together with MITI, MIDA, MATRADE, MIDF, MPC and SIRIM to grow more Global Champions.
Callum Chen President, MCMTC
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ABOUT MCMTC: The MCMTC (Malaysian Consortium of Mid-Tier Companies) comprises MTCs (Mid-Tier Companies) from all industries. The MTCs form 1.7% of total companies in Malaysia and employ 16% of the total workforce, but contribute 39.9% of Malaysia’s GDP. Get in touch with us here.