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Malaysia’s trade expands 15.6% to RM238.17b in November 2022

KUALA LUMPUR – Malaysia’s trade continued its stellar performance and maintained an upward trajectory in November 2022 with trade expanded by 15.6 per cent to RM238.17 billion compared to November 2021 – the 22nd consecutive month of year-on-year (y-o-y) double-digit expansion.

 The Ministry of International Trade and Industry (MITI) said in a statement today that exports rose by 15.6 per cent to RM130.24 billion, while imports and trade surplus increased by 15.6 per cent each to RM107.93 billion and RM22.3 billion respectively.

“The export expansion was underpinned by strong exports of electrical and electronic (E&E) products, liquefied natural gas (LNG), petroleum products as well as crude petroleum,” it said in a statement today.

Meanwhile, exports to major trading partners notably ASEAN, the United States (US), the European Union (EU) and Japan recorded double-digit growth.

Compared to October 2022, trade surplus rose by 23.5 per cent while trade, exports and imports contracted by 2.8 per cent, one per cent and 4.9 per cent, respectively.

For the period of January to November 2022, trade expanded by 29.9 per cent to RM2.613 trillion compared to the same period last year.

Exports increased by 27.2 per cent to RM1.42 trillion.

Imports rose by 33.3 per cent to RM1.193 trillion and trade surplus edged up by 2.6 per cent to RM227.89 billion.

“Trade, exports, imports and trade surplus registered the highest value for the period,” it said.

In November 2022, exports of manufactured goods which accounted for 84.6 per cent of total exports grew by 15 per cent y-o-y to RM110.23 billion and was the 16th straight month of double-digit expansion.

The growth was underpinned by E&E products and petroleum products, which respectively posted more than RM1 billion increase in exports.

Exports of mining goods (eight per cent share) soared by 62.6 per cent y-o-y to RM10.43 billion, the 20th successive month of double-digit growth led by higher exports of LNG and crude petroleum.

Exports of agriculture goods (6.8 per cent share) declined by 11.1 per cent to RM8.87 billion compared to November 2021 due to lower exports of palm oil and palm oil-based agriculture products.

For the period of January to November 2022, almost all products recorded export growth.

Exports of manufactured goods grew by 24.3 per cent to RM1.197 trillion compared to the same period last year.

This was attributed to higher exports of E&E products, petroleum products, machinery, equipment and parts, chemicals and chemical products as well as palm oil based manufactured products.

In November 2022, trade with ASEAN contributed 26.6 per cent to Malaysia’s total trade, rising by 11.6 per cent y-o-y to RM63.46 billion.

Exports edged up by 16.9 per cent to RM38.69 billion — this was on account of higher exports of E&E products and petroleum products.

Imports from ASEAN increased by 4.1 per cent to RM24.77 billion.

Exports to ASEAN major markets that recorded increases were Singapore which grew by RM5.86 billion, bolstered by robust exports of E&E products and Thailand (RM1.06 billion, petroleum products).

Trade with China recorded RM43.18 billion, rose by 13.5 per cent last month, exports recorded 9.2 per cent to RM18.85 billion and imports from China grew by 17.1 per cent to RM24.33 billion.

Trade with US rose by 15.6 per cent y-o-y to RM22.82 billion with exports 11.8 per cent up to RM14.59 billion and imports higher by 23 per cent to RM8.23 billion.

Trade with the EU grew by 12 per cent y-o-y to RM18.66 billion with exports rising by 16.3 per cent to RM10.5 billion aided by strong exports of petroleum products, transport equipment and E&E products.

Imports from the EU expanded by 6.9 per cent to RM8.17 billion. – Bernama / pic TMR File 

Source: The Malaysian Reserve

ASEAN exports seen moderating in 2023

MANILA, Philippines — Growth in Southeast Asia’s exports could moderate next year amid expectations of weaker global economic growth, according to a unit of S&P Global Ratings.

Rajiv Biswas, Asia-Pacific chief economist at S&P Global Market Intelligence, said in a report that the region’s exports may be affected by the weakening global economic growth and the forecast of a slowdown in the US and European Union next year.

“After buoyant exports in 2022, ASEAN export growth momentum will moderate in 2023, notably due to weaker growth in the US and EU, which together account for around one-quarter of ASEAN exports,” he said.

Biswas said this would be mitigated by the continued growth of domestic demand and the gradual recovery of international tourism in Southeast Asia.

While the growth in Southeast Asia’s exports are seen to moderate, he said the region is expected to be resilient to the weakening global economy in the near term.

“However, a key downside risk to the ASEAN outlook would be if mainland China’s economy continues to experience sluggish economic growth in 2023 due to the continued impact of COVID-19 restrictive measures,” he added.

Mainland China has been ASEAN’s biggest exports’ market for the last 12 years, with an estimated 16 percent share of the region’s outbound shipments of goods.

Hong Kong accounts for a further seven percent of ASEAN exports.

Over the medium to long-term, Biswas said ASEAN is expected remain as one of the fastest growing regions in the world.

According to Biswas, ASEAN’s gross domestic product measured in nominal dollar terms is forecast to reach $6.4 trillion by 2030 from $3 trillion in 2020.

“Over the next decade, the ASEAN region will be one of the three main growth engines of the APAC (Asia-Pacific) region, together with China and India,” he said.

Biswas pointed out that ASEAN’s growing consumer market will make it a more attractive destination for foreign direct investments (FDI) as multinationals set up manufacturing and services capacity to tap the domestic demand in the region.

He added that the move of multinational firms to diversify supply chains following disruptions due to natural disasters, COVID-19 pandemic, and Russia’s invasion of Ukraine, would also support FDI inflows into ASEAN.

ASEAN, he said, are likewise seen to benefit from their membership of the Regional Comprehensive Economic Partnership (RCEP), which will help boost trade and investment flows among the 15 nations that have agreed to the trade deal.

RCEP, which was signed by ASEAN nations and trade partners China, Japan, South Korea, Australia and New Zealand, has entered into force in most of the member economies.

In the Philippines, RCEP has yet to take effect, but Trade Secretary Alfredo Pascual said earlier the current administration is committed to ratify the mega trade deal.

Biswas said one important advantage of the RCEP is the favorable rules of origin treatment, which would help build manufacturing supply chains within the RCEP region across different countries.

“This will help to attract FDI flows for a wide range of manufacturing and infrastructure projects into the RCEP member nations,” he said.

Biswas said the region could also benefit from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Agreement, another large regional free trade deal, which has some ASEAN countries as members.

“Therefore the long-term outlook for the ASEAN region remains very favorable across a broad range of industry sectors in manufacturing and services,” he said.

Source: PhilStar

Pascual signs guidelines for PCIDA

TRADE Secretary Alfredo Pascual has signed the implementing rules and regulations (IRR) of the Philippine Creative Industries Development Act (PCIDA), the law that aims to transform the local creative industries that will help boost the country's economic recovery.
 
Pascual sees the signing of the IRR of PCIDA, or Republic Act 11904, as an important step toward harnessing the enormous potential of the Philippine creative industries.
 
"The collaborative efforts of different stakeholders in the creative ecosystem are all vital in building a vibrant and globally competitive Philippine creative economy. Hence, we have made sure that the PCIDA-IRR would be a product of synergistic discussions with other government agencies and the creative industry players," he said.
 
Pascual emphasized that "the signing of this IRR is an important enabling measure to effectively execute the PCIDA toward transforming the creative industries to drive our economic recovery and fuel an inclusive and sustainable growth."
 
Pascual said the PCIDA will create a collaborative environment for local creatives and the government. "The IRR will promote a better work environment and livelihood for creative workers, improve education and access to financial support, develop industry data and statistics for policymakers, and harness other innovation efforts to help workers and firms in the creative economy," the trade chief added.
 
The PCIDA, which lapsed into law on July 28, 2022, mandates the development of a vibrant Philippine creative industries by protecting and strengthening the rights and capacities of creative firms, artists, artisans, creators, creative workers, indigenous cultural communities, creative content providers and other stakeholders.
 
The law provides adequate support measures to the Philippine creative industries that face various binding constraints to growth, such as high output costs, fragmented education systems, piracy, lack of data and statistics, underdeveloped branding and infrastructure, and wide skill gaps and mismatch, among others.
 
To steer and oversee the implementation of the law, it creates the Philippine Creative Industries Development Council (PCIDC), which will be chaired by the Department of Trade and Industry and is composed of the Education, Science and Technology, Local Government and Tourism secretaries; the head of the National Economic and Development Authority; chairpersons of the Commission of Higher Education and the National Commission for Culture and the Arts; director general of the Director General of the Intellectual Property Office of the Philippines; and private sector representatives from various creative domains.
 
Aside from the PCIDC, the law also mandates the development of the Philippine Creative Industries Development Plan, which shall embody several support mechanisms geared to address the specific concerns in the creative ecosystem covering infrastructure, research and development, innovation, digitalization, financing, investment and education, among others.
 
The law also seeks to develop and promote Philippine Creative Cities initiative by placing creativity and culture at the heart of local development plans and promoting the establishment of creative hubs and clusters. This initiative is supported by the United Nations Educational, Scientific and Cultural Organization.
 
Source: ManilaTimes

Energy ‘transition happening in Cambodia’

Investors across the world are focusing on green energy, and many experts who attended a forum yesterday opined that Cambodia’s energy transition is a reality.

While attending the latest Breakfast Talk, organised by EuroCham Cambodia, at Raffles Hotel Le Royal yesterday, panellists pointed out the example of Vietnam mobilising $8.6 billion to support its energy transition last year.

At COP 27, there were $32 trillion in assets that fell under carbon neutrality initiatives.

UNDP Chief Technical Adviser on Development and Climate Finance Julien Chevillard said: “It’s not fringe anymore, we’re really seeing this become mainstream.”

In Cambodia also, the green initiatives have gathered momentum, with more people looking at the prospects of moving to electric vehicles.

Chevillard said a switch to electric vehicles is likely to come sooner rather than later, as countries prioritize carbon-free buses and electric motor vehicles.

Besides, the Cambodian government is taking several steps to accelerate the green efforts in the country. The government made investments in the grid to increase the uptake of variable renewable energy and increased collaboration between ministries.

Morten Kvammen of Misca Advisors said that once the government becomes familiar with a topic, things tend to move very quickly.

Another important sector that is preparing for a switch is garments. However, experts pointed out that the leasing model poses a challenge to green investments.

Choon Yik Thong, Chairman of TAFTAC’s sustainable committee and Vice Chairman of the EuroCham’s Garment & Manufacturing Committee, said: “It’s real, we’re doing it on the ground now. There are many projects going on. Despite not saving much [at the moment], factories will still go ahead with these [green] projects.”

For full article, please read here


Author: Adur Pradeep

Source: Khmer Times

Importing a band-aid solution, group says

As the country continuous to rely on importing manufacturing materials and agricultural commodities, an industry leader said the government should build manufacturing plants and cultivate agricultural land.

“Long-term solution is to stop importing. We don’t have our own canning industry and we continue to rely on imported products from other nations such as China. Why do we continue to import even if we are an agricultural country? Importing is a band-aid solution, a shortcut, and a short-term solution,” Philippine Amalgamated Supermarkets Association president Steven Cua told the Daily Tribune’s online show Gising Na!

The Philippines has manufacturing plants that produce sardines, but the tin cans are imported from China.

It’s the reason the Canned Sardines Manufacturers Association of the Philippines filed a petition to the Department of Trade and Industry for a P3 price hike on canned sardines last October.
The group said the strong dollar and weak peso affect the importation of tin sheets used in canning sardines.

Global demand for tin cans is surging, as the global metal cans market size reached $62.51 billion in 2021, while the market is expected to reach $73.78 billion by 2027, showing a compound annual growth rate of 2.8 percent from 2021 to 2027, according to global think tank Research and Markets.

“The government should find a solution on how to develop various industries beyond President Marcos’ six-year term. Apart from that, there should be a continuation of his projects by the next chief executive,” Cua added.

Not all products raise prices

Cua clarified that not all items or stock-keeping units or SKUs in supermarkets have raised prices.

“As of November, more than 30 manufacturers have aired intentions to raise prices to retailers, but not all products they carry are set to spike prices. A regular-sized supermarket has 15,000 different items, while hypermarkets have more than 100,000 items. Prices of SKUs are not raised altogether because manufacturers are afraid to lose market share,” Cua explained.

Trade Secretary Fred Pascual last week said that no new suggested retail price or SRP bulletin for basic necessities and prime commodities will be released as the year ends. He hopes to release a new SRP by early 2023.

Cua said the DTI will have a hard time asking these manufacturers to defer the price increase as they are also suffering from the current economic situation, and SRP should not be implemented all year round.

“SRP is a form of price control and is supposed to be used only during times of calamities or emergencies. But the DTI made its implementation all year round. It is not good for the economy if you have price control because it’s not free enterprise. Competition keeps us in check so SRP should not be needed, actually,” he said.

The last SRP bulletin was issued by the DTI on 12 August, posting price increases for 67 out of 218 SKUs, which were granted due to rising production costs, varying from 3.29 percent to 10 percent.

Some of the basic commodities that were allowed price increases were canned sardines, coffee, noodles, bottled water, processed milk, detergent soap, candle, and condiments.

Cua said factors that make manufacturers adjust their prices are the ongoing Ukraine-Russia war, fluctuating oil prices, salary increases of manufacturing companies, costs of raw materials, and supply chain disruptions, among others.

Malaysia’s manufacturing industry to grow by 8.8 per cent in 2022

KUCHING: Malaysia’s manufacturing industry is expected to grow by 8.8 per cent in 2022 despite the recent slowdown in manufacturing activity, as reflected by the latest manufacturing Purchasing Managers’ Index (PMI), analysts observed.

In a report, the research team at Kenanga Investment Bank Bhd (Kenanga Research) said the recent slowdown in manufacturing activity, as reflected by the latest manufacturing PMI, matches its expectation of a sharp slowdown in 4Q22 GDP growth.

This was largely due to the high base effect, weak external demand from key trading partners, and the impact of China’s zero-COVID policy.

“Nonetheless, we continue to expect manufacturing growth to grow by 8.8 per cent in 2022 (2021: 9.5 per cent). Likewise, given the better-than-expected 3Q22 GDP growth (14.2 per cent), we have revised earlier our 2022 GDP growth forecast to 8.6 per cent from 6.5 to seven per cent (2021: 3.1 per cent), considering the sustained momentum in the domestic demand on the back of various policy support and continued recovery in the tourism-related sub-sector.

“For 2023, we expect growth to moderate to 4.3 per cent due to the global economic slowdown, tighter financial conditions, and rising external headwinds,” it opined.

On Malaysia’s manufacturing activities, Kenanga Research noted that the manufacturing sector remained at the contraction level (below the neutral level: 50.0), reflecting a persistent weakness in demand amid subdued orders and output. New orders also softened for a third straight month in November, reaching the lowest level since September 2021, reflecting a muted demand condition.

The external demand also recorded a downtrend, with new export orders falling for the fifth straight month, in line with the rising risk of a global growth slowdown.

Nevertheless, it pointed out that optimism remained for the seventeenth straight month amid hopes that demand would normalise in the longer run.

However, the degree of confidence fell to a five-month low, weighed by concerns over the impact of the current economic condition.

Source: The Borneo Post

Midida to drive durian exports to China via better branding, quality control

KUALA LUMPUR: Malaysia International Durian Industry Development Association (Midida) aims to improve exports of durian and related products to China through better branding and improved quality control.

Midida chairman Fang Ming said Malaysia boasts the best durian in the world compared to other durian-producing countries. 

However, he said Malaysia's export of durian products was hindered by the lack of a streamlined process, causing it to lose out in the market share in China. 

"There is no proper quality control, branding and a streamlined process to export more durians to China, making it hard for the king of fruits to penetrate China. 

"Durian is China's most top imported fruit and the bulk of it came from Thailand. 

"Although musang king has the best taste, it is facing tough competition from Thailand and Vietnam, and maybe other markets in the future," he said at the Malaysia-China Durian Industry Strategic Cooperation Conference.

The conference was organised by Midida and Beijing Xinfadi Agricultural Products Co Ltd.

Both parties signed a strategic collaboration to introduce high quality musang king products to meet the needs of Chinese consumers.

Midida and Xinfadi also agreed to jointly build and develop the Xinfadi Malaysia Durian wholesale base in Malaysia and Xinfadi Durian distribution centre in China.

Fang Ming said the collaboration between both parties were also integral to revolutionising the plantation of durian to ensure Malaysia had a bigger pie in China's import of durians. 

In terms of quality control, Dking founder and managing director Simon Chin said Malaysia had a competitive advantage in durian plantation due to the various types of durian available in the country. 

"We have the latest technology to improve the quality of frozen durians that are for export. This includes the liquid nitrogen fast-freeze technology which is used to preserve the durian's texture and taste for up to 18 months," he said.

Source: New Straits Times

Plenty of opportunities for smart industry cooperation between Malaysia and Taiwan

KUALA LUMPUR (Nov 29): The annual Taiwan Expo in Malaysia is the best platform to showcase Taiwan’s world-class smart industries, cultural tourism and technical talent, Taiwan Bureau of Foreign Trade director-general Cynthia Kiang said.

She said the bureau will continue to set up a variety of Taiwanese industry image galleries and special areas based on Malaysia’s government policies and industrial development needs.

The 2022 Taiwan Trade Mission aims to cooperate with Malaysia in various industries such as information and communication, 5G, Artificial Intelligence of Things (AIoT), medical care and green technology.

The Taiwan Bureau of Foreign Trade will encourage the application upgrade of smart cities, smart manufacturing, a low-carbon economy and smart medical care.

It will also harmonise with major emerging global economic trends such as supply chain restructuring, energy saving and carbon reduction.

“We will also conduct two-way exchanges with Malaysia in the fields of tourism and talent education to better understand each other. This will foster cooperation and be mutually beneficial for creating new value,” she said.

Despite the raging pandemic over the past two years, bilateral trade between Taiwan and Malaysia continued to register impressive growth in 2021.

Taiwan served as Malaysia’s fifth largest trading partner, and Malaysia was Taiwan’s seventh largest.

With regard to investment, Taiwan is also Malaysia’s eighth largest source of foreign direct investment.

Business cooperation between Malaysia and Taiwan
The Taiwan Trade Mission to Malaysia has concluded a one-on-one business meeting in Kuala Lumpur on Tuesday (Nov 29). Kuala Lumpur is the first stop for the trade mission.

Kiang said that to assist its enterprises to grow business and get new orders, it plans to arrange visits to local associations and well-known companies based on the products and services offered by its enterprises.

“Such visits will also enable us to gain insights into Malaysia’s industrial development, current trends and economic trade overview. These will help us prepare for the future layout in the markets that are part of our New Southbound Policy,” she said.

She pointed out that the expertise Taiwanese companies bring to the table coincides with the industrial development direction outlined in the 12th Malaysia Plan.

For example, there are currently 22 halal industrial parks in Malaysia, and the country is the world’s largest halal industry hub.

Since most halal food products need to be stored in halal-certified cold chain warehouses throughout the logistic process, Taiwan’s expertise in cold chain solutions and innovative technology that combines software and hardware systems makes Taiwan the perfect partner to complement Malaysia’s needs.

Cooperation to benefit the people on both sides
Integrated circuits are a major import and export item for both Taiwan and Malaysia.

So the electronics and electrical machinery industry is a key development field with multitudinous opportunities for industrial cooperation, Kiang said.

Given that Malaysia is rich in natural resources, Taiwan also imports a large amount of oil and natural gas-related raw materials from Malaysia and then exports processed finished products.

She said the two countries are deeply complementary in trade and industry and have a close cooperative relationship.

Despite the pandemic, broken supply chains and high inflation, Malaysia’s economic growth has remained above 5%, much higher than the global average growth rate of 2.9%.

Malaysia’s digital technology competitiveness ranks second among Asean countries, making Malaysia the preferred partner of Taiwanese companies for strategic investment.

Furthermore, she said from the perspective of talent, the proportion of Mandarin speakers in Malaysia is relatively high.

“This reduces the language barrier whether you focus on the Malaysian market, use Malaysia as your base or target the Asean market,” she said.

In addition, there are a large number of Taiwanese students studying in Malaysia, and there are more than 30,000 Malaysian graduates who have stayed in Taiwan for employment.

As Malaysia has among the best medical resources in Asean, it is beneficial to cooperate in the form of a “strong alliance” in international cooperation, she said.

Prospect for Taiwan-Malaysia
Looking forward to 2023, Kiang highlighted how the annual Taiwan Expo in Malaysia has continued to help Taiwan industries make inroads into Malaysia in accordance with Malaysia’s policies and industrial development needs.

She is also upbeat about the prospect of working with Malaysia in the information and communication technology area, 5G, AIoT, medical technology, green technology and other areas in the bid to push the frontier of smart cities, smart manufacturing, low-carbon economy, smart medical care and other advanced technologies.

Grasping major world economic trends such as supply chain restructuring, energy conservation and carbon reduction are keys to maintaining a nation’s advantages, and Malaysia and Taiwan should synergise on their respective advantages, she added.

In addition, bilateral exchanges between Malaysia and Taiwan in tourism, culture, and education will deepen understanding, improve cooperation and create new values, she said.

The trade mission comprises 21 Taiwan companies in the smart industry, cold chain logistics, and smart transportation technologies. Smart industry encompasses smart manufacturing, smart machinery, Industry 4.0, smart agriculture, smart home, smart medical, smart cities and other smart industry applications.

She said besides Malaysia, the delegation will also go to Thailand and Vietnam between Nov 27 and Dec 7.

“We foresee that the 21 Taiwan companies will attract over 250 local buyers and have more than 500 business-to-business meetings. We estimate the value of the business generated could reach US$10 million,” she added.

Source : The Edge Market

Penang the largest contributor to Malaysia's exports in October

KUALA LUMPUR (Nov 28): Malaysian exports rose 15% year-on-year to RM131.6 billion in October 2022, with Penang posting the highest exports at RM7.1 billion.

Malaysia's total trade in October jumped 21% to RM245.2 billion.

In a statement, the Department of Statistics Malaysia (DOSM) said according to the export-import statistics by state for October released on Monday (Nov 28), higher exports were also recorded in most states such as Johor (RM4.8 billion), Sarawak (RM3.7 billion), Labuan (RM1.7 billion), Sabah (RM1.4 billion), Kedah (RM1.0 billion), Negeri Sembilan (RM453.2 million), Perlis (RM43.5 million), Kuala Lumpur (RM41.8 million), Melaka (RM38.0 million) and Kelantan (RM17.7 million). 

However, exports decreased in Selangor (RM1.8 billion), Terengganu (RM581.2 million), Perak (RM404.6 million), and Pahang (RM330.6 million).

Malaysia’s total trade for October amounted to RM245.2 billion, an increase of 21.1% year-on-year, with exports of RM131.6 billion (15%) and imports worth RM113.5 billion (29.2%).

Chief statistician Mohd Uzir Mahidin said imports also increased by RM25.6 billion (29.2%) in October on year.

"The increase in imports was due to the higher imports in most states such as Johor (RM14.1 billion), Selangor (RM4.3 billion), Melaka (RM1.9 billion), Kedah (RM1.8 billion), Pulau Pinang (RM1.7 billion), Sarawak (RM929.3 million), Negeri Sembilan (RM353.0 million), Kuala Lumpur (RM164.6 million), Pahang (RM144.6 million), Sabah (RM107.8 million), Kelantan (RM39.8 million) and Perlis (RM26.3 million).

However, imports decreased in Terengganu (RM346.0 million), Labuan (RM52.5 million), and Perak (RM32.5 million).

Mohd Uzir said among the top five major exporting states, Penang remained the top exporter with a share of 29.6%, followed by Johor (21.9%), Selangor (17.1%), Sarawak (9.0%) and Wilayah Persekutuan Kuala Lumpur (4.3%). 

For imports, Johor was the largest contributor with a share of 28.0%, followed by Selangor (24.0%), Penang (20.8%), Kedah (6.5%) and Kuala Lumpur (5.7%).

Source : The Edge Market

CPO futures close higher on stronger export data

KUALA LUMPUR (Nov 25): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended higher on Friday supported by stronger export data, which continued to lift market sentiment.

“The expectation of lower CPO output also weighed on the prices,” palm oil trader David Ng told Bernama.

According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for Nov 1-25 rose 4.7% to 1,199,383 tonnes from 1,146,132 tonnes in Oct 1-25 period.

Another dealer said as the ringgit against the US dollar continues to strengthen, the market is trading with a downside bias.

The ringgit held steady and climbed to a two-month high against the greenback on continued optimism that the US will slow down interest rate hikes going forward amid a smooth government transition in Malaysia.

At 6pm, the local note further strengthened to 4.4795/4890 against the US dollar from Thursday’s close of 4.4910/5000.

At the close, December 2022 contracts rose RM71 to RM4,060 per tonne, January 2023 gained RM98 to RM4,114 per tonne, and February 2023 increased RM100 to RM4,140 per tonne.

March 2023 soared RM105 to RM4,152 per tonne, April 2023 went up RM105 to RM4,129 per tonne, and May 2023 put on RM97 to RM4,086 per tonne.

Total volume decreased to 45,971 lots from 56,633 lots on Thursday, while open interest narrowed to 207,880 contracts from 260,869 contracts previously.

Physical CPO price for December South went up RM50 to RM4,150 a tonne.

Bursa Malaysia Bhd and its subsidiaries will be closed on Monday, Nov 28, 2022, which has been declared as a special public holiday by Prime Minister Datuk Seri Anwar Ibrahim. Market operations will resume on Tuesday, Nov 29, 2022.

Source : The Edge Market

Sarawak's pepper accounted for 90% of industry's GDP contribution in 2021 — state minister

KUCHING (Nov 30): Sarawak's pepper industry accounted for 90% of the Malaysian pepper industry's RM2.2 billion contribution to the national gross domestic product (GDP) in 2021, said Sarawak Modernisation of Agriculture, Native Land and Regional Development Minister Datuk Seri Dr Stephen Rundi Utom.

The minister said total export production of Sarawak's pepper last year stood at 8,097 tonnes, valued at RM151.2 million.

"In the third quarter of 2022 (3Q2022), Sarawak pepper's export value increased from RM102 million to RM136.5 million compared with 3Q2021.

"The main destinations for Sarawak pepper export are Japan, Vietnam, Taiwan, and South Korea," he said at his state Budget 2023 winding-up speech at the Sarawak State Legislative Assembly on Wednesday.

Rundi said the pepper price is currently stable, averaging at RM13,000 per tonne for black pepper and RM23,300 per tonne for white pepper.

"The price is expected to range from RM15,000 to RM17,000 per tonne for black pepper and RM25,000 to RM26,000 per tonne for white pepper in 2023," he said.

Given the pepper industry's importance to the state's economy, particularly for the current 37,484 pepper smallholders, it is vital for Sarawak to play a greater role in the pepper industry, he said.

"It is imperative to establish Sarawak's own pepper board to accelerate the development of the premium pepper industry," the minister added.

Source : The Edge Market

Cambodia's garment export surges to $7.747 billion

Cambodia registered an 18.51 percent year-on-year increase in apparel export to $7.747 billion in the first ten months of this year.

The export figure represents around 41.30 percent of the country’s total foreign income of $18.747 billion in January-October 2022, according to data from the General Department of Customs and Excise under the Ministry of Economy and Finance.

The Kingdom’s exports of apparel and clothing accessories (knitted) earnings surged 16 percent to $5.513 billion in the first ten months of this year, as compared to $4.752 billion for the same period in the previous year.

Cambodia’s exports of apparel and clothing accessories (not knitted) reached $2.234 billion in the January-October period, a 25.1 percent increase when compared with apparel exports worth $1.785 billion last year.

However, the data showed that the export figures of October 2022 slumped due to sluggish demand from the global markets.

The exports of knitted apparel and clothing accessories dropped 24.2 percent to $403.551 million in October 2022 from $532.309 million for the same period in the previous year.

The shipment of non-knitted apparel fell 4.3 percent to $169.498 million, the report pointed out.

On the other hand, Cambodia’s knitted or crocheted fabric imports during January-October 2022 reached $2.545 billion, 4.6 percent higher than imports worth $2.434 billion in the same period last year.


For full article, please read here


Author: Adur Pradeep

Source: Khmer Times 

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