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KUALA LUMPUR: China became Malaysia’s largest trading partner for the eleventh year in a row in 2019, with trade valued at RM316.6 billion, according to the Malaysia Trade Statistics Review (MTSR).
In a statement today, the Statistics Department said the report provides information on the current scenario of Malaysia’s trade with China.
Statistical chief Mohd Uzir Mahidin said MTSR Volume II aims to emphasize the performance of Malaysia’s bilateral trade with its largest partner China.
“This report includes the trade performance of goods, such as the main exports and imports, the composition of trade, the impact of Covid-19 on trade between Malaysia and China, direct investment between the two countries, the performance of the manufacturing sector and others. related data, “he said.
He said China rose to fourth place as Malaysia’s largest trading partner in 2001 from eighth a year earlier. It became the country’s largest trading partner in 2009.
“The two-way trade value between Malaysia and China reached RM316.6 billion in 2019 and constituted 17.2% of Malaysia’s trade,” he said.
Uzir said Malaysia received investments from China worth RM600 million and RM500 million in 2018 and 2019, respectively, while investment flows from Malaysia to China were RM540 million in 2019 and RM500 million in 2018.
“Malaysia can improve, as well as further simplify foreign investment policy, to facilitate business networks and strategic alliances between Malaysian companies and Chinese companies and state-owned companies,” he said.
“Interestingly, the Covid-19 outbreak has fueled demand for medical supplies in both countries. This contributed to a significant increase in exports and imports of selected products among the countries, ”he said.
He said that rubber glove exports, for example, posted a tremendous growth of 123.3% during the first 10 months of 2020 and mask imports soared 862.7%.
“Furthermore, Malaysia signed the historic Regional Comprehensive Economic Partnership Agreement (RCEP) with 14 other participating countries on November 15, 2020. RCEP is the world’s largest free trade agreement.
“Malaysia should therefore take this opportunity to further strengthen bilateral trade with China as both are members of the RCEP,” he added.
