RIYADH, 1 September 2005 — Malaysia has adopted an open and transparent trade regime which has resulted in greater economic expansion and trade growth in the last decade.
With a population of less than 25 million people, Malaysia was ranked as one of the top 20 trading nations of the world, according to a report.
“It is also the 18th largest exporter in the world. Over the last decade, Malaysia’s global trade expanded more than two-fold from 310 billion ringgit ($81.6 billion) in 1994 to 717 billion ringgit ($188.7 billion) some two years back. Its major trading partners include ASEAN countries, US, Japan, China, and Hong Kong,” the report said.
Malaysia’s economy is very much export driven, spurred by high technology-based and capital intensive industries. Malaysia today trades with more than 20 countries worldwide.
Its trade performance has remained strong and resilient despite the global uncertainties in the economy. In terms of exports, Malaysia’s performance surpassed the $100 billion mark for the first time in 2003 to $105 billion, of which almost 80 percent were manufactured goods. This sector has been the major driving force behind Malaysia’s export success over the last 20 years.
The double-digit export growth last year is a reflection of Malaysia’s buoyant performance in tandem with the recovery of the economies of major trading partners. All export sectors to almost all markets had registered increases in 2003.