Kuala Lumpur: Malaysia’s trade with South-South countries totalled $87.5 billion (3.50,000 crore)or 30% of the country’s global trade last year compared with $72.4 billion in 2005, International Trade and Industry Minister Rafidah Aziz has said.
This included exports which rose 20.9% to $44.7 billion from $37 billion and imports which increased 21.1% to $42.9.1 billion from $35.4 billion, she said in her keynote address at the familiarization programme for officials of investment promotion agencies from the South-South countries.
“Businessmen from South-South countries should look at Malaysia to enhance their exports and also use the country as a springboard to penetrate the Asean market, which has a population of more than 560 million,” Rafidah said.
She said Malaysian manufacturers and exporters could supply South-South countries with, among others, electrical and electronic products, palm oil, chemicals and chemical products, crude petroleum, and machinery appliances and parts.
Rafidah said Malaysia’s total trade with five of its major trading partners -- China, Thailand, Indonesia, India and the Philippines -- amounted to $63.7 billion or 72.8% of its total trade with the South-South countries last year.
For the January-April 2007 period, Malaysia’s total trade with the South-South countries amounted to $29.8 billion of which exports totalled $15.6 billion and imports came up to $14.2 billion.