By Tengku Noor Shamsiah Tengku Abdullah
Malaysia-Singapore bilateral trade this year is expected to be positive with a double-digit growth again despite the sluggish global economic environment due to weak US recovery and the eurozone debt crisis.
According to Malaysia External Trade Development Corp (Matrade) trade commissioner for Singapore, Naim Abdul Rahman, from January to October this year, Malaysia’s total trade with Singapore had already increased by 11.8 percent against the same period in 2010.
“This was contributed by the increase in exports and imports, which rose by 4.6 percent and 21.7 percent respectively.
“Exports to Singapore were valued at RM73.31 billion, while imports RM61.41 billion,” he told Bernama in an interview.
Electrical and electronic (E&E) products continued to be Malaysia’s leading exports to Singapore, valued at RM26.89 billion, or 36.7 percent of total exports.
They were followed by refined petroleum (RM16.08 billion, 21.9 per cent); machinery, appliances & parts (RM3.80 billion, 5.2 percent), metal manufactures (RM3.41 billion, 4.7 percent) and chemicals and chemical products (RM3.07 billion, 4.2 per cent).
Naim said said although E&E exports to Singapore fell due to the slowdown in world demand, they were offset by the growth in all other manufactured goods.
He said significant export growth rates were registered by transport equipment, which grew by 40.7 per cent; refined petroleum (37.4 percent); palm oil (31.1 percent); iron & steel products (19.1 percent); and optical & scientific equipment (12.2 percent).