NEW
YORK: Malaysia continues to be the top
trading partner of the United States amongst the Association of Southeast Asian
Nations (Asean) in the first two months of the year, and the expert opinion
here is that this trend would possibly continue during the remainder of the
year.
Malaysia’s
senior trade commissioner, Mohd Mustafa bin Abdul Aziz, was confident that this
trend would continue in the coming months of the year.
“Malaysia
continued to assert its position as the leading Asean trading partner of the
United States in the first two months of the year,” Mustafa told Bernama in an
interview at his New York office.
According
to data released by the US Department of Commerce, Malaysia’s exports to the
United States in the first two months of 2012 amounted to US$4.062 billion, up
2.63 per cent over the year-earlier period.
Malaysia’s
share of the overall US imports during the first two months of the year was
1.14 per cent, down from 1.23 per cent in the previous year’s corresponding
period.
After
starting out as the 17th largest import source for the United States at the
beginning of the year, Malaysia slipped to 18th position, overtaken by Colombia
whose rising oil exports have enabled it to overtake Malaysia.
Malaysia’s
exports to the US are dominated by commodities.
Most
Malaysian exporters are finding it more convenient to export to the emerging
markets such as the Middle East, Asean, China and India.
“Malaysian
exporters are, apparently, discouraged by the stringent regulations in the US
on quality standards and other attributes.
“This
is particularly evident when it comes to supplying processed food products
where we need to take a more focused approach and intensify our efforts to
foray into this huge lucrative market,” Mustafa explained.
US
imports of machinery, vehicles and a host of other engineering and high-tech
products continue to grow at double-digit rates.
Malaysian
companies would do well to explore such areas of business that promise growth
and could enable Malaysia, finally, to graduate from a supplier of commodities
to an exporter of high-tech products.
On an
overall basis, the Asean group’s exports to the US increased by only 5.21 per
cent in the first two months of 2012 to US$19.01 billion, compared to US$18.07 billion in previous year’s
corresponding period.
Malaysia,
with US$4.06 billion worth of exports, was the leading Asean exporter though
Thailand with exports at US$3.848 billion was close on its heels.
The big
surprise, however, has been Vietnam which with exports at $3.099 billion was
third, having overtaken Singapore and Indonesia in the process.
Vietnam’s
exports posted an impressive 17.96 per cent growth over the year-earlier
period.
According
to Mustafa, Malaysian exports got a boost from a rising demand in furniture
(17.3 per cent increase) and seafood, mainly shrimps (27.21 per cent increase).
In an
effort to increase exports, the New York office of the Malaysian External Trade
Development Corporation (Matrade) has been working closely with some United
Nations agencies.
Mustafa
confirmed that procurement teams from the United Nations had been invited to
source their requirements from Malaysia.
The UN
procurement office is trying to identify suitable Malaysian suppliers to meet
the needs of the United Nations’ peacekeeping missions, specifically parts for
vehicles.
Meanwhile,
Matrade is building up on the momentum from the recent Malaysia Kitchen
Programme events in and around New York, and will be organising a Malaysia
Restaurant Week in New York from June 18 to 24.
“This
week it will be held in eight Malaysian restaurants and three non-Malaysian
restaurants to promote Malaysian cuisine and, with it, exports of spices,
ingredients and so on.
During
this week, we will be featuring Malaysian signature dishes.
We will
promote Malaysian products in both mainstream and Asian supermarkets,” Mustafa
said.
Mustafa
was recently asked to visit Doha, Qatar, where Matrade set up a huge pavilion
with 56 companies and agencies showcasing construction materials and other
requisites in a specialised trade fair called Project Qatar.
Because
of his first-hand knowledge of the Gulf – he was the Malaysian consul
general/trade commissioner in Dubai from December 2000 to January 2004 –
Mustafa has come to be regarded as an authority on Malaysia’s trade with the
region.
Indeed,
he is transferred again to Dubai where
he will promote Malaysia’s trade interests as a senior trade commissioner for
seven countries – five member states of the Gulf Cooperation Council (excluding
Saudi Arabia), Iran and Iraq.
Bernama
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Strategy, Investment and Management, focusing Healthcare and Life Science with expertise in ASEAN. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programmes. Many thanks for visiting www.yourvietnamexpert.com and/or contacting us at contact@yourvietnamexpert.com
No comments:
Post a Comment