KUALA LUMPUR: Although Malaysia has seen a slowdown in the number of exports emanating from the country, the government is still confident that it can increase and boost its export market this year. The country's trade ministry said that it is confident that this downturn will see a sizable rebound in 2013 and believes the country's economic situation is poised for growth. The ministry said exports rose 0.6 percent to 702.2 billion ringgit ($227 billion), slowing down sharply from 8.7 percent growth in 2011. Imports expanded 5.9 percent to 607.4 billion ringgit ($196 billion) while total trade for 2012 rose 3 percent to 1.31 trillion ringgit ($420 billion), it said. Economists tell Bikyanews.com that they also are confident going forward as the government implements a number of new strategies that should do wonders to bolstering the export-import sector. “We fully expect a great increase this year as the international economy increases and hopefully begins to show signs of recovery throughout this year,” one economist on the Kuala Lumpur stock exchange said. Trade Minister Mustapa Mohamed said a resilient Asia as well as a recovery in the US market this year will boost demand for electrical and electronic products, palm oil and furniture. He said goods exports are likely to grow between 2 percent and 4 percent this year, while imports are seen expanding five percent to 8 percent. “It will be a better year. I am quite confident that it's going to be between four and five percent in terms of total trade growth. Anything above 5 percent is a bonus for us,” he said. The top five export markets last year were China, Singapore, Japan, Thailand and India. BN
