Malaysia’s total trade volume will decline in 2020, but its trade with China will continue to grow, with China becoming Malaysia’s largest trading partner for the 12th consecutive year, according to data released by the Ministry of international trade and industry on the 30th.
According to the data released by the Ministry of trade and industry of Malaysia, Malaysia’s total trade volume in 2020 is 1.777 trillion ringgit (US $1 is about 4 ringgit), which is 3.6% less than that in 2019. In 2020, China will become Malaysia’s largest trading partner for the 12th consecutive year. China is also Malaysia’s largest export destination and import source.
Malaysia’s minister of trade and industry, Aziza, said that the measures taken by various countries to cope with the new epidemic have affected the global supply chain and challenged Global trade. Nevertheless, Malaysia’s foreign trade performed well in 2020, with exports rebounding from the negative growth in the first half of the year.
Azzou also said that the recently signed “regional comprehensive economic partnership agreement” will open a broader market for Malaysian enterprises, help the country attract foreign investment and promote import and export growth.