KOTA KINABALU (July 29): The Sabah government is on track to boost the state’s economic growth, with its total trade growing 9.8% year-on-year (year-on-year) to hit a record high of RM87.2 billion last year, Chief Minister Datuk Seri Hajiji Noor said.
Hajiji, who is also Sabah’s finance minister, said the state government will continue on all fronts, not only promoting trade, but bringing in more impact investments to grow the economy.
“It’s very good and we welcome this achievement,” he said in a brief statement to Bernama on Friday.
On Thursday, Bernama said Sabah’s total trade rose 9.8% year-on-year to a record high of RM87.2 billion in 2021, citing the Department of Foreign Trade’s Sabah Foreign Trade Statistics Report. Malaysia Statistics (DoSM).
DoSM Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin noted that Sabah traded with 134 countries in 2021 and attributed the state’s strong trade performance to improved exports, which increased by 34. .7% YoY to RM55.7 billion.
Mohd Uzir attributed the state’s strong total trade performance to the surge in exports, which rose 34.7 percent year-on-year to RM55.7 billion.
Growth was driven by palm oil exports which increased by 34.4% YoY or RM4.4 billion to reach RM17.3 billion, followed by crude oil (+24.6% , +RM3.8 billion), palm kernel oil (+63.7 percent). cent, +RM1.1 billion) and methanol (+67.0%, +RM1.0 billion).
However, state imports contracted by 17.1% year-on-year to RM31.6 billion, resulting in a high 10-year trade surplus growth of 642.2% or 24 RM.1 billion.
According to the DoSM, the decline in imports is mainly due to the 50.2 percent drop in machinery and transport equipment.
The report also stated that Peninsular Malaysia was Sabah’s largest trading partner and accounted for 39.8% of its total trade, followed by China (12.3%), Australia (5.0%), European Union (4.9%) and India (4.6 percent).
These five trading partners not only accounted for 66.5% of Sabah’s total trade in 2021, but were also its top five export destinations, contributing RM34.9 billion or 62.8% of total exports.