KUALA LUMPUR: Malaysia’s exports to the US, riding high on the back of a strong US dollar and depreciated ringgit, surged in the first nine months of 2015, according to the New York-based office of the Malaysian External Trade Development Corp (Matrade).
Exports to the US in the first three quarters of the year jumped 12.9% to RM53.25 billion, while imports into Malaysia from the US posted a 2.9% growth to RM40.29 billion.
The cumulative two-way trade for the first nine months of 2015 amounted to RM93.54 billion, an 8.4% rise over the year-earlier period.
September 2015 showed a continuation of this growth trend, with Malaysian exports surging 16.5%.
Matrade trade commissioner, Muhd Shahrulmiza Zakaria, told Bernama Malaysia’s major export product categories included electronic and electrical products which, presently, account for 57% of Malaysia’s total exports to the US.
Rubber and rubber-based products account for 7% of exports, while other major exports comprise textile and apparel (3.5%, palm oil (3%) and transport equipment (1.6%), he said.
He said Malaysian businessmen visiting the US were excited about the prospect of the signing of the Trans-Pacific Partnership (TPP) which, they say, will provide a strong fillip to Malaysia’s exports.
“I believe the TPPA will open up the US market for Malaysian products and services,” he said.
Muhd Shahrulmiza said Malaysian companies should be competitive and be ready to enter the US market.
“The US is the largest of all the TPP member countries. A multilateral partnership agreement such as the TPP will be beneficial not just for the US, but also for Malaysian companies,” he said.
