Lower demand, commodity price uncertainties affect trade

SARAWAK recorded a total trade value of RM140.3 billion between January and September this year.

Deputy Premier Datuk Amar Awang Tengah Ali Hasan said this was lower by 12.7 per cent than the value registered during the same period last year.

“Exports were valued at RM93.7 billion, decreasing by 16.8 per cent and imports stood at RM46.6 billion, contracting by 3.2 per cent.

“This was due to slower global demand, uncertainties in commodity prices and high base effect last year. Subsequently, the trade balance was recorded at RM47.1 billion,” he said.

Awang Tengah, who is also Minister of International Trade, Industry and Investment said this when delivering his ministerial winding-up speech at the State Legislative Assembly (DUN) sitting on Wednesday (Nov 29).

He added his Ministry has introduced two new pilot programmes to further enhance the competencies of small, medium enterprises (SMEs) especially those export-oriented entrepreneurs to penetrate global markets namely MINTRED Connects and Export Boot Camp.

“MINTRED Connects aims to provide more opportunities for SMEs to directly engage with international partners.

“As such, in June and September this year, 13 memorandums of understanding (MoU) and two memorandums of agreement (MoA) were signed in Guangzhou and Beijing, China.

“These MoU and MoA will foster greater collaboration in the areas of trade and technology,” he said.

He added the Ministry has also matched 10 Sarawak SMEs with over 100 partners in China for Sarawak products and services to have wider access to the China market.

On the Export Boot Camp, he said the programme intends to build the capabilities of SMEs to have better access to the global export market and has to date, benefited over 100 SMEs.

“Thus, SMEs, particularly those involved in export-oriented businesses, can leverage on the various Free Trade Agreements signed by Malaysia to venture into new markets and enjoy preferential tax,” said Awang Tengah.