GEORGE TOWN, July 22 — Penang continues to lead Malaysia’s exports, recording RM177.99 billion between January and May this year.

Penang chief minister Chow Kon Yeow said this is an increase of 3.9 per cent compared to the same period last year.

The state was the top exporter in the country, contributing 30.5 per cent, amounting to RM434.74 billion, of Malaysia’s total exports last year.

“Additionally, the trade ratio to the Gross Domestic Product of Penang continues to grow, proving the state’s welcoming attitude in international trade as a whole,” he said in his speech at the opening of the Penang Export Day here today.

Earlier, in his speech, Malaysia External Trade Development Corporation (Matrade) chairman Datuk Seri Reezal Merican Naina Merican said Malaysia’s total exports breached RM1 trillion for three consecutive years.

“The country’s exports increased by 3.9 per cent to RM731.11 billion in the first six months of this year, while the trade surplus was valued at RM66.12 billion during the period,” he said.

According to Matrade’s data, out of the total 13,018 companies registered with Matrade, 958 are from Penang.

“Out of this, a total 786 or 82 per cent are micro, small and medium enterprises while the rest are mid-tier companies and large local companies,” he said.

Reezal also said there is a need to focus on creating more mid-tier companies.

Currently, there are only 1,000 mid-tier companies in the country, but these companies are benefiting over 9,000 small and medium enterprises (SMEs) nationwide.

In Penang, he said there are 637 mid-tier companies and out of this, with 292 involved in exports.

“Mid-tier companies contribute more to the job market with spillover to local SMEs,” he said.

He said multinational companies may bring in investments but some of these bring with them expatriate workers but mid-tier companies usually hire all local workers.

On the country’s exports, he said Malaysia should not rely fully on its traditional market.

“We should be looking at new emerging markets such as in North Africa and the Middle East,” he added.

He hoped the government will look into incentives to encourage penetration into these emerging markets.

https://www.malaymail.com/news/money/2024/07/22/penang-leads-malaysias-exports-with-rm17799b-from-january-to-may-2024-says-chief-minister/144584