Trade between Malaysia and China reached new high in 2020 despite Covid

Even with the challenges brought on by the Corona pandemic, bilateral trade between Malaysia and China came to a new high in 2020. It started with Malaysians coming together, sending personal protective equipment along with their moral support to the Chinese in their battle against the Coronavirus at the start of last year. When the pandemic spread to Malaysia, the Chinese showed their goodwill in return.

Bilateral trade between the two countries has climbed to a new high at US$131.16 billion in 2020, some 6% increase compared to the previous year. China has continued to be Malaysia’s largest trading partner for the 12th consecutive year while Malaysia became the dragon nation’s second largest trading partner in ASEAN, after Vietnam.

At a recent webinar organised by the Malaysia External Trade Development Corporation (Matrade) and China’s Lanzhou Bureau of Commerce, it was revealed that China remained Malaysia’s largest export destination, with exports expanding by 4.35% year-on-year to RM300 billion. Vice-versa, it was Malaysia’s largest import source, recording a total value of RM226 billion.

According to an article on thestar.com.my, Matrade’s trade commissioner in Chengdu, Nur Azni Aziz, said agricultural produce such as tropical fruits, palm oil and its products were getting popular in the Middle Kingdom, particularly among the inland provinces.

 

Photo source: Dreamstime.com


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