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Miti expects Malaysia-China bilateral trade to grow to US$70 billion by year end
Posted on September 27, 2013, Friday
KUALA LUMPUR: The Ministry of International Trade and Industry (Miti) expects bilateral trade between Malaysia and China to increase by around eight per cent to US$70 billion by year-end from US$58.4 billion last year.
Its Minister Datuk Seri Mustapa Mohamed said up to July 2013, bilateral trade between Malaysia and China rose by 6.4 per cent to US$35.75 billion compared to the corresponding period in 2012.
“If we take the average percentage of bilateral trade (between Malaysia and China) since 2002 to 2012, in 10 years, the percentage was 15.7 per cent.
But this year our expected percentage of bilateral trade is below average due to the softening economy in both countries,” he told reporters after launching the Fifth World Chinese Economic Forum.
Mustapa said the purpose of the forum is to build a broader, more integrated new global economy, with China as a reference point, to spread the benefits of regional growth to all.
“This forum will present a number of possibilities and strategic policy options, which I hope will be further explored in the forum,” he said.
He also said it is crucial for Malaysia to look at how the partnership between education and innovation could further be enhanced between China and Asean, which guarantees that basic needs indeed become basic rights.
Mustapa added that there is also a need for the region to choose a new development path that is low on carbon but high on prosperity, high on poverty reduction and high on human security.
Mustapa said two factors influence Malaysia’s rubber exports to China.
“When we speak about rubber (exports), it depends on the volume and the prices.
“Looking at the current economic situation in China, our strengthening rubber prices and the high domestic inventories in China, our rubber exports seem to be quite soft,” he added.
Malaysia is one of the world’s top rubber exporters while China is the world’s top rubber buyer and consumer.
Read more: http://www.theborneopost.com/2013/09...#ixzz2g1xuptzs
Posted on September 27, 2013, Friday
KUALA LUMPUR: The Ministry of International Trade and Industry (Miti) expects bilateral trade between Malaysia and China to increase by around eight per cent to US$70 billion by year-end from US$58.4 billion last year.
Its Minister Datuk Seri Mustapa Mohamed said up to July 2013, bilateral trade between Malaysia and China rose by 6.4 per cent to US$35.75 billion compared to the corresponding period in 2012.
“If we take the average percentage of bilateral trade (between Malaysia and China) since 2002 to 2012, in 10 years, the percentage was 15.7 per cent.
But this year our expected percentage of bilateral trade is below average due to the softening economy in both countries,” he told reporters after launching the Fifth World Chinese Economic Forum.
Mustapa said the purpose of the forum is to build a broader, more integrated new global economy, with China as a reference point, to spread the benefits of regional growth to all.
“This forum will present a number of possibilities and strategic policy options, which I hope will be further explored in the forum,” he said.
He also said it is crucial for Malaysia to look at how the partnership between education and innovation could further be enhanced between China and Asean, which guarantees that basic needs indeed become basic rights.
Mustapa added that there is also a need for the region to choose a new development path that is low on carbon but high on prosperity, high on poverty reduction and high on human security.
Mustapa said two factors influence Malaysia’s rubber exports to China.
“When we speak about rubber (exports), it depends on the volume and the prices.
“Looking at the current economic situation in China, our strengthening rubber prices and the high domestic inventories in China, our rubber exports seem to be quite soft,” he added.
Malaysia is one of the world’s top rubber exporters while China is the world’s top rubber buyer and consumer.
Read more: http://www.theborneopost.com/2013/09...#ixzz2g1xuptzs