Penang tops Malaysia’s exports with RM177bil for January-May

Matrade reported that Penang was Malaysia’s main exporter in 2023, contributing 30.5% or RM434.74 billion of the country’s total exports.
22 Jul 2024
 
PETALING JAYA: Penang remains Malaysia’s top exporter from January to May, with a value of RM177.99 billion, said Malaysia External Trade Development Corporation (Matrade) chairman Reezal Merican Naina Merican.

He said Penang was also the country’s main exporter, contributing 30.5% or RM434.74 billion of total exports last year.

“Among the main sectors recording positive export growth were integrated circuits, valves and other tubes, aircraft fittings and spare parts, tin and non-alloys.

“In terms of investments, according to data from the Malaysian Investment Development Authority (Mida), Penang is at the top in terms of investment value recorded, which stood at RM71.9 billion last year, with 415 projects offering 20,701 job opportunities,” he told reporters during the Penang Export Day 2024 officiated by chief minister Chow Kon Yeow.

Reezal said the country’s exports had exceeded RM1 trillion for three consecutive years.

For the first six months of 2024, exports increased by 3.9% to RM731.11 billion, while the trade surplus was RM66.12 billion.

He said that based on Matrade’s exporter database up to June 30, 13,018 local companies were registered, with 958 or 7.4% of them from Penang.

“Out of the Penang figure, 786 or 82% were micro, small and medium enterprises, while the rest were mid-tier and large companies,” he said.

Reezal said companies registered with Matrade enjoy several privileges, including access to trade advisory services, market intelligence and trade information.

“They also gain exposure to development programmes such as training and workshops on exports, as well as opportunities to participate in organised promotional activities,” he said.

Apart from this, Reezal said,  there should be a focus on creating more mid-tier companies as it will benefit the SMEs.

“Currently, there are 9,000 mid-tier companies nationwide,” he said.

He also said that Malaysia cannot rely entirely on traditional markets and needs to find new emerging markets, such as in North Africa and the Middle East.

He recommended that the government consider providing incentives to encourage penetration into these new markets.

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