Global slowdown may derail momentum

KUALA LUMPUR: Malaysia kicks off 2023 with another commendable trade performance but economists warn that the momentum may not last for long given the looming global slowdown.

They said the country’s total trade, which grew nearly two per cent year-on-year (y-o-y) to over RM207 billion in January, remained robust although export growth was moderated sharply to a 27-month low.

“Malaysia’s export performance has been commendable especially on the back of high base last year as well as uncertainties over global economic prospects that are looming,” the Employees’ Provident Fund head of economics and research Afzanizam Abdul Rashid told the New Straits Times.

Afzanizam said Malaysia’s well-diversified export products such as refined petroleum and LNG had managed to register robust robust y-n-y growth along with positive expansion in E&E related overseas shipment.

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