Standard Chartered projects Malaysia’s exports at $425bln

Malaysia’s exports are projected to reach $425 billion by 2030 with an annual growth rate of 6.8 per cent, Standard Chartered said on Monday.

According to the global bank, China and Singapore are expected to continue to dominate Malaysia’s trade, while India, Vietnam and Indonesia are emerging as high-opportunity trade partners.

Malaysia’s exports to China would reach $75 billion in 2030 with compound annual growth rate (CAGR) of 6.2 per cent.

Also, Malaysia’s exports to Singapore will hit 64 billion dollars at a CAGR of 7.8 per cent.

Meanwhile, Malaysia’s exports to India will climb to $18 billion at a CAGR of 10.1 per cent.

It also hoped Malaysia’s exports to Indonesia and Vietnam will hit $12 billion and $13 billion respectively.

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These would be with a CAGR of nine per cent and 8.7 per cent respectively.

According to the bank, Malaysia is investing to strengthen its key export sectors and infrastructure.

Also, the expansion of Kuala Lumpur International Airport and East Coast Rail Link, connecting west coast with east coast, are major upgrade initiatives.

“A number of factors are driving Malaysia’s competitive trade growth.

“The chief of these is its strong trade ties with key markets,” said Patricia Wong, Regional Head of global subsidiaries for ASEAN and Country Head of Corporate, Commercial and Institutional Banking of Standard Chartered Malaysia. (Xinhua)