The growth rate exceeds that of Vietnam! EXP in this Southeast Asian country has reached a new high in 28 years! China is its biggest import market

Recently, the Malaysian Bureau of Statistics announced that the country's gross domestic product (GDP) increased by 8.7% last year compared with 2021, the highest since 2000.

According to the statistical report, in the third quarter of last year, Malaysia's GDP recorded a rapid growth of 14.2% compared with the same period in 2021;

Malaysia's economic performance in the fourth quarter and even the whole year of last year was slightly better than the forecasts of various research institutions.The Central Bank of Malaysia believes that the expansion of domestic demand, the recovery of tourism, the improvement of the labor market, and the world market areElectronic and electrical productsStrong demand is an important factor supporting China's sustained economic growth. At the end of last year.

According to the head of Malaysia's central bank, there are several factors that could help Malaysia offset the slowdown in global economic growth.These include the continuous improvement of Malaysia's labor market, the strong growth of foreign direct investment and the return of Chinese tourists to Malaysia.

EXP in Malaysia is expected to increase by 25% in 2022

A few days ago, official data released by Malaysia showed that in the last month of 2022, Malaysia's trade surplus narrowed year-on-year, but both imports and exports reached record highs, and the annual trade growth rate was the fastest since 1994.

The Southeast Asian country had a trade surplus of 27.76 billion ringgit ($6.42 billion) in December, narrowing from 31.48 billion ringgit a year earlier but up from 22.23 billion ringgit in November.

In December, EXP increased 6% to RM 131.89 billion, while imports increased 12% to RM 104.13 billion.

On the import side, three categories are outstanding:

First, domestic fuels and lubricantsConsumer demand has increased,As a result, the import of semi-finished products increased by 29.3%, accounting for 54.4% of the total import, reaching RM 705.74 billion;

Second, a large numberImports of non-transport capital goodsThe import of capital industrial products, which accounted for 9.3% of total imports, increased by 15.9% to RM 120.32 billion;

The third is processed food and beverageIncrease in imports ofAs a result, imports of consumer goods surged by 24%, accounting for 8% of the total imports, reaching RM 104.13 billion.

China is Malaysia's largest import market-Global shipping agent.

Cooperation with China is highly anticipated

Looking forward to 2023, some institutions are worried that factors such as slowing world economic growth and reducing external demand will pose challenges to Malaysia's economic recovery.

In December last year, Malaysia's manufacturing purchasing managers' index (PMI) continued to drop from 47.9 in November to 47.8, which has been below the 50 line since September, which will have a greater negative impact on import and export trade.

The governor of the Central Bank of Malaysia (the central bank) said that the slowdown in world economic growth will bring external shocks, but Malaysia will still maintain its growth momentum.It is estimated that the GDP growth rate will be between 4% and 5% in 2023.

Analysts pointed out that China is an important trading partner of Malaysia, and China-Malaysia economic and trade cooperation will continue to play an important role in Malaysia's economic development and transformation.

According to the report of Malaysia Investment Development Bureau, in the first three quarters of last year, Malaysia approved a total of RM 130.7 billion in foreign direct investment (US $1 is about RM 4.43), of which RM 49.2 billion was invested from China, accounting for the highest proportion.

Malaysian Transport Minister Lu Zhaofu said that the economic and trade prosperity between Malaysia and China cannot be separated from the active participation and dedication of Chinese-funded enterprises.Under the "the belt and road initiative" initiative, a large number of sophisticated Chinese-funded enterprises have entered Malaysia, injecting vitality and hope into the prosperity and development of Malaysia.

Lu Zhaofu said that Malaysia encourages and welcomes more Chinese-funded enterprises with high technology, energy conservation and environmental protection to help Malaysia realize economic transformation and industrial upgrading.It is expected that Chinese enterprises will continue to help Malaysia's economic development in technology transfer and job creation.

It is worth mentioning that in 2022, China will become Malaysia's largest trading country for 14 consecutive years.Trade with China accounts for about 17.1% of Malaysia's total trade, and the trade volume has increased by 15.6% year-on-year to RM 487.13 billion.

Last year, Malaysian EXP to China exceeded RM 200 billion for the first time, with a year-on-year increase of 9.4%.

At the same time, China is also Malaysia's largest import market.Products imported from China account for about 21.3% of Malaysia's total imports.Driven by electronic and electrical products, mechanical equipment and parts, chemicals and chemical products, the annual imports from China increased by 20.7% to RM 276.5 billion.

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