Malaysia-Australia Bilateral Trade Rises 23.7 Per Cent

By Kamarul Ariffin Md Yassin SYDNEY, March 16 (Bernama) – Total trade between Malaysia and Australia increased by 23.7 per cent to RM52.48 billion last year from RM42.43 billion in 2016. Foreign Affairs Ministry Secretary General, Ramlan Ibrahim said Malaysia’s exports rose by 20.8 per cent to RM32.39 billion compared with RM26.82 billion previously. He said total imports reached RM20.09 billion, up 28.7 per cent from RM15.61 billion in 2016. “Australia was Malaysia’s 12th largest trading partner in 2017. Malaysia in turn was Australia’s ninth largest trading partner,” he told the Malaysian media here today in conjunction with the ASEAN-Australia Special Summit this weekend. He said among ASEAN countries, Malaysia was Australia’s second largest trading partner and import destination after Thailand, and third biggest export source after Singapore and Indonesia. “Our exports to Australia in 2017 included crude petroleum, petroleum products, electrical and electronic products and machinery, equipment and parts while our major imports were manufactured metals, mining products and agriculture produce and process foods,” he added. Total trade between ASEAN and Australia was A$93.2 billion (A$1 = RM3.05) in 2016, including A$12.4 billion in agri-food two-way trade. In terms of investments, Ramlan said Australia was Malaysia’s 15th largest overall source of foreign direct investments last year. “From 1982 to September 2017, 533 manufacturing projects with participation from Australia were approved with total investments of RM23.55 billion. From January to June 2017, total investments abroad from Malaysia to Australia stood at RM618.63 million,” he added. Australia is hosting the ASEAN-Australia Special Summit here and the Malaysian delegation will be led by Prime Minister, Najib Razak. -- BERNAMA