Friday March 31, 2006
Total trade to breach RM1 trillion
TOTAL trade is expected to breach RM1 trillion during the 9MP period.
Gross exports are expected to grow at an average rate of 8.5% per year while imports are set to grow at 9.8%.
The progressive liberalisation of trade in goods and services under the World Trade Organisation and Asean Free Trade Area (Afta), the scheduled implementation of the Asean Economic Community (AEC) as well as the commitments to tariff reductions under bilateral trade arrangements will open up more markets for exports of goods and services from Malaysia.
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In addition to traditional markets, efforts will be undertaken to enhance trade links with non-traditional and new emerging markets.
Manufactured exports are expected to expand by an average of 9.3% per year during the 9MP period, with earnings increasing from RM429.9bil in 2005 to RM670.8bil in 2010.
The major manufactured products exported will include electrical and electronic products, chemicals and chemical products, petroleum products, food, textiles, clothing and footwear, wood products, manufactures of metal and transport equipment.
The growth of manufactured exports reflects the sustained expansion in demand from traditional as well as new and non-traditional markets such as China, India and Eastern Europe. In addition, the deepening and broadening of the manufacturing base will also help boost manufactured exports.
Agriculture exports are expected to grow at an average rate of 8% per annum during the 9MP period, contributed by the positive growth in the export value of rubber, palm oil, cocoa and forestry products as well as food produce.
Exports from the mining sector are expected to increase by an average rate of 2.1% per year, mainly on account of the higher export of crude oil.
The current account of the balance of payments is expected to register a surplus of RM91.2bil in 2010.
The goods account is projected to continue to record a surplus of RM149.8bil or 21.9% of GNP at the end of the 9MP period. This surplus is partly due to better commodity prices and terms of trade.
The services deficit is expected to narrow further to RM4.5bil by 2010 due to continuous efforts to promote tourism and the increase in export of services including education, healthcare as well as computer and information services.
The income account is projected to remain in deficit at RM39.5bil in 2010, mainly attributed to higher profits and dividends accruing to foreign investors.
Nevertheless, the Government will continue to encourage foreign investors to retain part of their profits for reinvestment purposes.
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