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Some Interesting Facts About Malaysian Exports

Some Interesting Facts About Malaysian Exports

The Malaysian import and export industry is mostly dominated by its refined petroleum and palm oil exports. It adds up to 10% and 6.7% respectively of the total exports as per the Jan-June 2014 statistics. However another important sector in which the country is quickly gaining grounds is its food and beverage export industry. Although nowhere near the top statistical giants, it is nonetheless a very important sector which sends across huge shipments of ready-made and packaged foods including snacks and beverages to not just the neighboring countries but as far as the Australian shores. This trade is just the beginning and is all set to increase exponentially in the near future.

Rising Trade Sector

As clients and consumers realize that there is a huge demand for imported foods, Malaysian exports will only increase. In fact Malaysia is strengthening its ties to various countries and easing restrictions on many fronts. Boosting ties and improving trade relations with countries like China, Australia has been on the agenda for the Malaysian government for a while. Towards this end, the leaders of this nation are keen on signing free trade with countries that offer them attractive options and incentives. These processes will only further aid the rising trade sector in the country.

Government’s Role in Better Trade Relations

According to MITI (Ministry of International Trade and Industry) there has actually been an increase in the trade performance of Malaysia in 2014 as compared to the corresponding period in the previous year. A growth of 12.5 percent is a huge number and which has boosted confidence of the country in its import/export trade potential. This jump has occurred due to a number of factors. Of course the role of the Government is undeniable in creating the right opportunities for exporters and importers to carry on trade without too much interference. Another important detail is that consumers now want good quality food and if it is coming from overseas markets or other countries, they do not mind spending a bit more for it either.

A Better Trade Future

Better trade relations signify that exports need not be overcharged. In fact with healthy ties between two trade partners, better facilities and easy and fixed trade relations, it ends up giving customers agood quality product at reasonable prices. This makes the deal attractive, tempting both the Malaysian exporters, other buyers and even consumers who are willing to put their trust in brands and products that are fast gaining recognition. This whole collaboration comes together to enhance already established businesses and potential ties, boosting relations between countries and proving satisfactory in terms of profits and better turnovers.

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