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UAE and Saudi Arabia major market for Malaysian exports

KUALA LUMPUR - The UAE, Saudi Arabia and Iran together, absorbed 74.5 per cent of Malaysia's total exports in the region last year with exports to West Asia in November 2003 amounted to RM750.2 million, according to official trade statistics.

Quoting the Ministry of International Trade and Industry (MITI), Malaysian news agency (Bernama) said in a report today that, Malaysia's total exports during the January to November 2003 period increased by 5.5 per cent to RM343.53 billion from RM325.50 billion achieved in the corresponding period of 2002. Releasing the country's trade statistics here Friday, MITI said imports for the same period declined by 1.4 per cent to RM274.62 billion from RM278.62 billion in the corresponding period of 2002 (US$1 = RM3.80).

The trade surplus for the period January-November 2003 amounted to RM68.91 billion, an increase of 47 per cent compared with RM46.88 billion in the same period of 2002. In November 2003, Malaysia recorded a trade surplus for the 73rd consecutive month since November 1997. Trade surplus increased by 3.4 per cent to RM6.31 billion from RM6.10 billion in October 2003. Total exports in November 2003 continued to remain strong amounting to RM33.24 billion, the second highest monthly export figure for the year 2003.

During the period January-November 2003, exports to the US recorded RM61.18 billion. Exports to US in November 2003 were valued at RM6.23 billion and accounted for 18.8 per cent of Malaysia's total exports. Exports to the European Union increased by 8.3 per cent to RM43.62 billion from RM40.29 billion. Increases in exports were attributed to higher exports of electronics products, chemicals and chemical products, palm oil and crude petroleum.