Penang’s export performance solidifies its position as Malaysia’s top exporter, contributing 30.5 percent of the nation’s total exports last year, amounting to RM434.74 billion.
“The growth in trade relative to Penang’s Gross Domestic Product highlights the state’s strong commitment to enhancing international trade,” the Chief Minister remarked during the Penang Export Day event.
Additionally, it was reported that Malaysia’s total exports have exceeded RM1 trillion for three consecutive years. The country’s exports rose by 3.9 percent to RM731.11 billion in the first half of this year, with a trade surplus of RM66.12 billion.
Penang is home to a significant number of exporting companies, with a substantial portion being involved in various sectors.
There is a focus on expanding mid-tier companies, which currently number around 1,000 nationwide and support a broad range of local businesses. In Penang, many of these mid-tier companies are actively engaged in export activities, contributing notably to both the local economy and employment.
It was also noted that while multinational companies bring investment, they often bring expatriate workers. In contrast, mid-tier companies tend to hire locally, thus offering more employment opportunities to the local workforce.
Looking ahead, there is a call for Malaysia to diversify its export markets beyond traditional regions and explore emerging markets in North Africa and the Middle East. The suggestion is for the government to consider incentives to facilitate market expansion into these new regions.
#ITCNewsUpdates #BreakingNews #ExportUpdate #EconomicGrowth #InternationalTrade