The Malaysia External Trade Development Corporation (MATRADE) assisted in coordination of the business forum and Roundtable Meeting with high profiles importers and captains of industries which was held in conjunction with YAB Prime Minister, Dato’ Seri Anwar bin Ibrahim’s official visit to the People Republic of China, from 29 March – 1 April 2023.
During the Roundtable Meeting, which chaired by YAB Prime Minister on 1 April 2023, MATRADE managed to secure a total of RM2.44 billion of potential sales with nine (9) major Chinese importers. Amongst the products that the importers are interested to source from Malaysia include palm oil & relevant products, edible bird’s nest, food & beverages, durian and iron products.
Mr. Wang Ting, Senior Vice President Beijing United Information Technology Co., Ltd. (IBI) – one of the importers that attended the roundtable meeting session expressed his strong interest to engage closely with MATRADE in sourcing from Malaysia. IBI is keen on palm oil products, coconut oil, food and beverages products as well as other agricultural produces. IBI is confident in the quality of Malaysian made products and believed the friendly economic bilateral relation between both countries will be further uplifted through the event.
“MATRADE treads on the heels to the latest supply and demand trends, pairing Chinese importers with Malaysian suppliers promptly. Besides that, MATRADE offers assistances to the importers in reaching out to Malaysian suppliers virtually or physically,” highlighted Datuk Mohd Mustafa Abdul Aziz, Chief Executive Officer of MATRADE.
A total of 19 memorandum of understandings (MoUs) were exchanged and witnessed by YAB Prime Minister during the business forum involving trade and investment cooperation as well as cultural exchange cooperation.
Moreover, MATRADE organised business forum, right after the roundtable meeting. It received an overwhelming response whereby more than 1,000 Chinese and Malaysian business representatives attended the event.
MATRADE is actively taking initiatives to respond the market needs by reaching out to Chinese importers and instantly match them with Malaysian suppliers. MATRADE promote and assist Malaysian companies in promoting their products and services for overseas markets including China. MATRADE’s trade offices in Beijing, Shanghai, Guangzhou, Chengdu and Hong Kong are helping Chinese importers on a daily basis in a number of ways such as providing information of potential Malaysian business partners.
Malaysia – China Bilateral Trade
China has been Malaysia’s largest trading partner for 14 consecutive years, comprising 17.1% share of Malaysia’s total trade, expanding by 15.6% to RM487.13 billion compared to 2021. In 2022, China remained as Malaysia’s major export destination and source of imports. Malaysia’s exports to China surpassed RM200 billion mark for the first time, expanding by 9.4% to RM210.62 billion and was the highest value ever recorded. Imports from China increased by 20.7%, valued at RM276.5 billion.
Trade with China during the period of January to February 2023 decreased by 2.1% to RM70.82 billion compared to the corresponding period of 2022. Exports shrank by 9.1% to RM29.33 billion on lower exports of iron and steel products, petroleum products as well as palm oil and palm oil-based agriculture products. However, increased exports were seen for E&E products, metalliferous ores and metal scrap as well as LNG. Imports from China edged up by 3.6% to RM41.49 billion.