PENANG REMAINS MALAYSIA'S TOP EXPORTER WITH RM177.99 BLN FOR JANUARY-MAY 2024

Penang remains Malaysia's top exporter for the period from January to May 2024 with a value of RM177.99 billion, said Malaysia External Trade Development Corporation (MATRADE) chairman Datuk Seri Reezal Merican Naina Merican.

He said Penang was also the country's main exporter, contributing 30.5% or RM434.74 billion of the country's total exports last year.

“Among the main sectors recording positive export growth were integrated circuits, valves and other tubes, aircraft and fittings and spare parts, and tin and non-alloys.

“In terms of investments, according to data from the Malaysian Investment Development Authority (MIDA), Penang is at the top in terms of investment value recorded, which stood at RM71.9 billion last year with 415 projects offering 20,701 job opportunities,” he told reporters during the Penang Export Day 2024 which was officiated by Chief Minister Chow Kon Yeow.

Reezal also stated that the country's exports had exceeded RM1 trillion for three consecutive years, and for the first six months of 2024, exports have increased by 3.9% to RM731.11 billion, while the trade surplus was RM66.12 billion during the period.

Commenting further, he said that based on MATRADE's exporter database up to 30th June, 13,018 local companies were registered with the agency, with 958 or 7.4% of the total being companies from Penang.

He said that out of the Penang figure, 786 or 82% were micro, small and medium enterprises (MSMEs), while the rest were mid-tier and large companies.

He noted that among the privileges of companies registered with MATRADE are access to trade advisory services, access to market intelligence and trade information, exposure to development programmes such as training and workshops on exports, and the opportunity to participate in organised promotional activities.

Meanwhile, Reezal also said there should be a focus on creating more mid-tier companies as it would benefit SMEs. Currently, there are 9,000 mid-tier companies nationwide.

He also said that Malaysia cannot rely entirely on traditional markets and needs to find new emerging markets, such as in North Africa and the Middle East.

Hence, he urged the government to consider incentives to encourage penetration into these new markets.

The Penang Export Day 2024, from 22nd July until 23rd July, aims to improve the export abilities of the state's industry players, especially among MSMEs.

The programme is organised by MATRADE, together with the Penang state government via the Penang State Development Corporation, partnering with Affin Bank Bhd, Alibaba.com, Export-Import Bank of Malaysia Bhd (Exim Bank), FedEx Malaysia and Maybank Islamic Bhd.