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Bilateral trade between Malaysia, OIC countries rises 0.2% in 2016

Kuala Lumpur (IINA) � Bilateral trade between Malaysia and the member states of the Organisation of Islamic Cooperation (OIC) inched up 0.2 percent to 145.18 billion Malaysia Ringgits (MR) in 2016 from RM144.87 billion in the previous year, BERNAMA reported.

Malaysian Deputy Minister of International Trade and Industry Ahmad Maslan said on Monday that exports to the OIC countries improved 5.1 percent year-on-year to RM82.07 billion, while imports amounted to RM63.11 billion. “The trade balance also registered a good performance in rising 67 percent to RM18.96 billion in 2016 compared to RM11.37 billion the previous year,” he added.

Exports included palm oil and related products, chemical products and machinery equipment, as well as electric and electronics material.

The deputy minister said among the OIC countries, nearly 70 percent of Malaysia’s exports went to Indonesia, the United Arab Emirates, Turkey, Bangladesh and Pakistan, with a lot of effort going into establishing good trade relations.

Malaysia signed free trade agreements with Pakistan and Turkey in 2007 and 2014, respectively, Ahmad said. He added that currently, the OIC is Malaysia’s fifth largest trading partner, accounting for a total trade of RM1.48 trillion in 2016.The deputy minister said the Malaysian government would continue to establish good trade relations with the OIC.

Source: International Islamic News Agency

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