Matrade says working with various parties to overcome economic challenges

Matrade says working with various parties to overcome economic challenges

KUALA LUMPUR,. The Malaysia External Trade Development Corporation (Matrade) says it is continuously working with entrepreneurs and local industries to overcome the impact of global and domestic economic uncertainties.

“We are in a globalised economy and regardless of economic cycle, challenges or protectionist threat, we will always be working with various parties to minimise the impact on the local sectors,” Chief Executive Officer Dr Mohd Shahreen Zainooreen Madros told reporters after officiating the inaugural Asean Lifestyle Week today.

Commenting further on US President Donald Trump’s trade deficit wars, he said although Malaysia would likely see some impact on trade, the agency would continue to be aggressive in working with export destination countries as well as associations to cushion the impact.

Mohd Shahreen said the lifestyle segment offers tremendous opportunities for locals as it is an easy entry sector and seen as a high-growth area.

“Year-on-year, Malaysia’s exports of lifestyle products achieved close to RM40 billion last year, and as for this year our target on the sub-components would be different, with textile and apparel export growth targeted at 10 per cent and furniture at six per cent while overall, we are looking at between five and six per cent,” he said.

Exports of textiles, apparel and footwear grew 10.4 per cent to RM15.33 billion last year, followed by furniture exports, which rose 6.4 per cent to RM10.14 billion.

The main export destinations for Malaysia include the US, the UK, Singapore, Japan and Australia.

Lifestyle products worth RM15.42 billion were exported in the first five months of this year. — Bernama