Malaysia has a fast growing and strong infrastructure. The country’s economy is stable and it is ranked top among other Asian countries. Malaysia is ranked 8th among Asia’s most developed country and is ranked 25th around the whole world. Malaysia has a very strong financial infrastructure and the economy is growing and stable.
Most foreigners around the world would like to do business and other trading functions such as imports and exports in Malaysia. Continuously there are lot of foreign start-up companies in Malaysia as the country gives various business opportunities to foreigners.
In the recent reports it is claimed that Malaysia has a strong trade balance where there is positive figure of $66.4B of the country’s net exports. Importing and exporting trade functions in Malaysia has a positive and success rate in Malaysia since the country is globally welcoming other countries market.
In Malaysia, Selangor is place where “Port Klang” is there which is the biggest and busiest port in Malaysia. It is the place where the country’s most major trade activities take place.
Trade of a country depends on the economy and business sectors which are successful in the country. Some of the trade sectors functioned in the country are as follows;
- Tourism sector, it is a sector where the country is ranked 3rd for the largest source of foreign exchange through tourism.
- Islamic financial sectors, it is the sector which is widely functioned in the country which includes the fact of lot of female workers. It is the fact initiating their people to work for the country’s welfare.
- Telecommunication sectors.
- Cosmetics, which is the most growing business among entrepreneurs in Malaysia.
- Public transportation.
Import in Malaysia
In Malaysia the total imports are around 193,855,940.67 in thousands of US$ which is a successful trade balance of 22,572,488.55 trade growth which is 0.50% compared to the world growth of 1.50%. The GDP of goods and services imports in Malaysia is around 64.45%.
Malaysia has recently imported $197B which is placed 23rd of the world’s largest importer. For the last 5 years the country has increased with an annual of rate 1.2% from $186B to $197B. Some of the latest import records of the country shows that the Integrated Circuits are 18.9% and Refined Petroleum of 7.87% which is total imports of Malaysia.
The country’s top import products are as follows;
|Office Machine Parts||$3.47B|
Percentage of the country’s import products;
|Electrical and Electronic Products||29.4%|
|Machinery, Appliances and Parts||8.7%|
Country’s import partners as follows;
|The United States||$14.7B||8.1%|
Read Also: Set up a partnership company in Malaysia
Export in Malaysia
Malaysia has a total export of 216,428,429.22 in thousands of US$ which is a successful trade balance of 22,572,488.55 trade growth which is 0.50% compared to the world growth of 1.50%. the export if goods and services in Malaysia’s GDP is around 71.39%.
Malaysia is placed 19th for the largest export economy in the world. In the recent records it is found that the country has exported around $263B. For the last 5 years the exports have increased the annual rate of 0.1% form $247B to $263B. In the latest records it is found that the Integrated Circuits are 21.1% and the Refined Petroleum account is 6.84% which is the total exports of Malaysia.
Malaysia’s top export products are as follows;
|Office Machine Parts||$11.1B|
Percentage of the country’s import products:
In the recent years it is found that the percentage of exports have dropped so therefore, the below percentages of the products have been reduced up to 0.8%.
|Electrical and Electronic Products||-7.4%|
|Liquefied Natural Gas (LNG)||-11.2%|
But there has been an increase in certain products which are as follows
|Refined Petroleum Products||7.7%|
Malaysia’s export partners as follows:
|The United States (increased)||$33.1B||6.8%|
Drawbacks of Malaysia trading:
- Eventual accumulation of unnecessary resources
- Due to the major focus on international trades, local businesses are overshadowed and under-appreciated.
- Heavy capital seems to outflow during Malaysian trades
- Increased tendency of exportation of local resources, therefore local markets are deprived.