Increasing Trade A Sign Of Country's Resilient Economy -- Matrade

KUALA LUMPUR, July 27 (Bernama) -- The increase in Malaysia's trade with the world showed that the country’s economy is resilient despite the slowing economy worldwide, said Malaysia External Trade Development Corp (Matrade). Its Chief Executive Officer, Dr Mohd Shahreen Zainooreen Madros, said the country's total trade with the world increased by 1.5 per cent last year to US$346.16 billion (RM1.48 trillion) from 2015 with a trade surplus of US$20.4 billion (RM87.26 billion). "This statistics reflect the strong upside potential in trade for Malaysia," he said at the launch of the 28th Malaysia International Machinery Fair (MIMF) 2017 here Thursday. He said of the total trade, machinery exports stood at RM37.68 billion, constituting 4.8 per cent of total exports and machinery imports almost doubled from a year before to RM65.05 million, making up of 9.3 per cent of total imports. “The major export destinations are India, Indonesia, Taiwan, Japan and Vietnam while major import sources are China, US and Germany,” he said. Meanwhile, MIMF organiser, ES Event Management Sdn Bhd, said it expected US$3 million (US$1=RM4.27) bussiness deals to be concluded at the event this year, similar to last year’s achievement. Managing Director, Chong Chong Tik, said the moderate forecast was due to expectations that visitors would be using the event mainly as a platform to gain knowledge and business deals were mostly done after the event has ended. The three-day event, beginning Thursday, attracted participation of 430 companies from local (210 companies) and foreign (220 companies) to showcase their products and manufacturing technology. Among the countries participating in the fair are China, Taiwan, Inidia, Japan, Singapore, South Korea, Thailand, Indinesia, Vietnam and US. -- BERNAMA