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Low exports to China? No problem, Loke says gains in US offsets loss | Scoop
Transport Minister Anthony Loke said the total number of container activity in local ports increased in January, citing a 26% increase in Port Klang. – Abdul Razak Latif/Scoop pic, March 1, 2024
News

Low exports to China? No problem, Loke says gains in US offsets loss

In a positive sign, Malaysia’s trade performance had increased by 13% in January

Main Author Image
Adam Ayzzat
Updated
3:58 PM MYT

 

KUALA LUMPUR – Decreasing exports to China will not affect Malaysia’s economic performance as the reduction is offset by high export rates to the United States, according to Transport Minister Anthony Loke.

Loke also said Malaysia’s trade performance had increased by 13% in January, according to a report he received today from the Investment, Trade, and Industry Ministry (Miti).

“We trade with all countries, not just China. A market may see a slight drop, but other markets go up. In this case, it is the US market.

“We are still confident that our economy will strengthen,” he told a press conference at his ministry in Putrajaya today.

He added that the total number of container activity in local ports has increased in January, citing a 26% increase in Port Klang.

Loke said 2023 was Port Klang’s best year to date, having achieved a record of 14 million containers in total.

“It is untrue to say that the trade volume in the country has declined,” he said, expressing confidence that Malaysia will see an increase in trade activity. 

“It is viewed through the months. You cannot check a month’s worth of data and conclude that (Malaysia’s trade) has declined.”

At the same time, Loke said all ports in Malaysia are important, and that the government wants all of them to be competitive.

In January this year, it was reported that Malaysia’s economy grew at a slower pace than expected, due to reduced exports to China by 7.4%.

According to Miti, Malaysian exports to the US grew by 11.9%. – March 1, 2024

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