Chinese | English Welcome to Shandong Shengqixian Supply Chain Management Co., Ltd.!



Contact us

Shandong Shengqixian Supply Chain Management Co., Ltd.

Qingdao Head Office:
Rm.1903,Block B,Yiheguoji,No.10 Xianggang Middle Road,Shinan District,Qingdao,china




Jinan Office:
1861, Northwest Tower of Shangri-La International Exhibition, Lixia District, Jinan


Location:Home>>News>>Industry News
Industry News

The export of this Southeast Asian country has reached a 28-year high! China is its largest import market

AUTHOR: TIME:2023-03-16 14:10:22CLICK:35

Against the backdrop of global inflation and economic recession, Malaysia, as one of the "four tigers in Asia", has achieved good economic development in 2022.

In 2022, Malaysia's exports increased by 25%, far higher than Vietnam's 10.6%.

Malaysia's GDP growth last year

Better record since 2000

Recently, the Malaysian statistics department announced that the country's gross domestic product (GDP) increased by 8.7% last year compared with 2021, which is higher 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; In the fourth quarter, economic growth slowed down, up 7% from 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. Bank of Malaysia believes that the expansion of domestic demand, the recovery of tourism, the improvement of the labor market and the strong demand for electrical and electronic products in the world market are important factors to support the continued growth of the country's economy at the end of last year.

The head of Bank of Malaysia believes that there are many factors that can help Malaysia offset the impact of the global economic slowdown. These include the continuous improvement of the Malaysian labor market, the strong growth of foreign direct investment and the Chinese tourists who are returning to Malaysia.

Malaysia's exports will 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 hit a record high, and the annual trade growth rate was the fastest since 1994.

The trade surplus of Southeast Asia in December was 27.76 billion ringgit (about 6.42 billion US dollars), which was narrowed from 31.48 billion ringgit in the same period of the previous year, but higher than 22.23 billion ringgit in November.

In December, exports increased by 6% to RM131.89 billion, while imports increased by 12% to RM104.13 billion.

In 2022, Malaysia's exports increased by 25% to RM1.552 trillion; Imports increased by 31.3% to RM1.297 trillion.

The trade surplus expanded by 0.6% to RM255.1 billion, achieving a trade surplus for the 25th consecutive year. This was mainly driven by strong exports of electrical and electronic products, petroleum products, liquefied natural gas and palm oil.

In terms of exports, exports of manufactured goods, agricultural products and mineral products have achieved double-digit growth. The strong export growth mainly benefited from the double-digit growth of electronic appliances, crude oil, liquefied natural gas, petroleum products, palm oil, palm oil-based agricultural products, machinery, equipment and parts, with each export value exceeding RM10 billion.

In terms of imports, three major categories performed well:

First, the demand for domestic fuel and lubricating oil consumption increased, resulting in an increase of 29.3% in the import of semi-finished products, accounting for 54.4% of the total imports, to RM705.74 billion;

Second, the import of non-transportation capital goods increased by 15.9% to RM120.32 billion, accounting for 9.3% of the total imports;

Third, the import of processed foods and beverages increased, resulting in a 24% increase in the import of consumer goods, which accounted for 8% of the total imports, to RM104.13 billion.

China is Malaysia's larger import market

Cooperation with China is highly expected

Looking forward to 2023, some institutions worry that the slowdown of world economic growth and the reduction of external demand will pose challenges to Malaysia's economic recovery.

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

The President of the Bank of Malaysia (Central Bank) said that the slowdown in world economic growth would bring external shocks, but Malaysia would still maintain its growth momentum, and the GDP growth rate is expected to 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 the Malaysian Investment and Development Authority, in the first three quarters of last year, Malaysia approved a total of 130.7 billion ringgit (US $4.43) of foreign direct investment, and the amount of investment from China reached 49.2 billion ringgit, accounting for a higher proportion.

Malaysia's Minister of Transport, Lu Zhaofu, said that the economic and trade prosperity of Malaysia and China cannot be separated from the active participation and contribution of Chinese enterprises. Under the "the Belt and Road" initiative, a large number of high-quality, sophisticated and cutting-edge Chinese enterprises have entered Malaysia, injecting vitality and hope for the prosperity and development of Malaysia.

Lu Zhaofu said that Malaysia encourages and welcomes more high-tech, energy-saving and environment-friendly Chinese-funded enterprises to come to Malaysia to help Malaysia realize economic transformation and industrial upgrading, and expects that Chinese enterprises will continue to help Malaysia's economic development in technology transfer, job creation and other aspects.

It is worth mentioning that in 2022, China has become Malaysia's largest trading country for 14 consecutive years. The proportion of trade with China accounted for 17.1% of the total trade volume of Malaysia, with a year-on-year increase of 15.6% to RM487.13 billion.

Last year, Malaysia's exports to China exceeded RM200 billion, up 9.4% year-on-year.

At the same time, China is also a larger import market for Malaysia. The products imported from China account for 21.3% of Malaysia's total imports. Driven by electronic and electrical products, mechanical equipment and parts, and chemical and chemical products, the import volume from China increased by 20.7% throughout the year to RM276.5 billion.

Source: Souhang. com, the International Cross Research Center, and the external market are comprehensively collated from China News Network, Zhejiang Promotion of International Trade, Xinhua News Agency, etc