Tuesday, 24 April 2012

HSBC Trade Forecast: M’sia’s trade growth will be 139.37% from 2012 to 2026

KUALA LUMPUR (April 23): Malaysia’s trade growth will be 139.37% from 2012 to 2026, according to the HSBC Global Connections Trade Forecast.

In a statement Tuesday, HSBC Malaysia said the Trade Forecast predicts that trade in Malaysia would grow at an annualised rate of 3.30% over the next five years, from 2012 to 2016, and that it will continue to increase its trade substantially subsequently with an annualised growth rate of 6.85% from 2017 to 2021.

It said that it was expected that Malaysia’s annual growth would be higher than the average for the world.

“Although this is not as distinct for the first five years; as the global economy picks up and ‘Emerging Asia’ in particular expands its trade routes within the region, the country’s trade is predicted to expand much faster than the average for the world annually with the gap widening year-on-year to 2026,” it said.

HSBC said the export trade with China was forecast to grow at an annual rate of 8.33%, with Indonesia at 6.53%, and with Singapore at 4.91% over the next five years.

“Vietnam is also growing fast with exports forecast to grow at 9.47% annually over the next five years,” it said.

Malaysia’s largest import partners are China, Japan and Singapore; and the Trade Forecast predicts that the import growth from 2012 to 2016 for China will be at 5.92%, Japan at 4.69%, and Singapore at 4.51% annually.

HSBC Bank Malaysia director for Global Trade and Receivables Finance, Ng Wei Wei said that HSBC’s research findings suggested that despite the current economic uncertainty and global market pressures, the nation’s underlying fundamentals are strong.

“Malaysia continues to be a key emerging market with good trade performance, and a stable domestic demand fuelled by the implementation of initiatives under the Malaysian Government’s Economic Transformation Programme (ETP) which continues to boost the country’s business environment,” said Ng.

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