Trade rose to RM1.31 trillion in 2012 - Mustapa

Although the the growth was below projection, the country recorded its highest total trade of RM1.31 trillion last year compared with RM1.27 trillion recorded in 2011.

Mustapa said for 2013, Malaysia's trade is projected to grow by four to five per cent, bolstered by an expected recovery in the US market, enhanced intra-regional trade and intense promotional activities by the government.

"The AEC (Asean Economic Community) will be a very important influence on our trade while growth is expected to come from Japan, Korea, China and Asia. The focus in 2013 will also be on South America, Central America and Africa," Mustapa told the media after announcing Malaysia's Trade Performance for 2012.

He added the electronics and electrical (E&E) products would remain the biggest component of the growth.

Meanwhile for the year 2012, exports grew by 0.6 per cent to RM702.19 billion while imports expanded by 5.9 per cent to RM607.36 billion.

He said the trade surplus was RM94.82 billion in 2012, the 15th consecutive year of trade surplus for Malaysia.

Among the top five trading partners, expansion in trade was recorded with Asean (+8.2 per cent) and China (+8.0 per cent) while trade with Japan decreased by one per cent, the European Union (-2.4 per cent) and the United States (-2.8 per cent).

Other countries which registered expansion in trade were Australia (+13.6 per cent), India (+7.3 per cent) and the United Arab Emirates (+17.3 per cent).

Trade with Asean accounted for 27.3 per cent at RM358.14 billion with exports increases by 9.7 per cent to RM188.22 billion while imports grew by 6.5 per cent to RM169.92 billion.

Exports of manufactured goods to Asean that increased significantly were E&E products while main imports from Asean were also E&E products as well as chemicals and chemicals products.

Mustapa said China remained Malaysia's largest trading partner in 2012 with total trade of RM180.61 billion, with exports valued at RM88.75 billion and imports at RM91.86 billion.

Meanwhile, exports to the USA expanded by 5.4 per cent to RM60.79 billion while imports contracted by 11.4 per cent to RM49.09 billion.

Manufacturing goods accounted for 67 per cent of total exports at RM470.39 billion.

Others were mining goods (RM145.25 billion) and agricultural goods (RM80.26 billion).