January 15, 2016

Malaysia pleased with growth in trade with Papua New Guinea

MALAYSIA is pleased with the growth of trade with Papua New Guinea, according to High Commissioner to PNG Jilid Kuminding.
He said Malaysia’s total trade with Papua New Guinea between last January and November increased by 15.6 per cent from the corresponding period the previous year. 
It was worth RM1.74 billion (K1.16 billion) – an increase of RM835.79 million (K557.8million).
He said from 2010 to 2014, Malaysia’s total trade with PNG steadily increased from RM1.12 billion (K0.74billion) to RM1.7 billion (K1.13billion) –  recording an overall increase of 51 per cent in those five years.
Kuminding said PNG was Malaysia’s third largest trading partner in Oceania. Globally, Papua New Guinra is Malaysia’s 51st largest trading partners over the same period. He said Malaysia’s exports to PNG were valued at RM1.29 billion (K0.86billion), increasing by 3.7 per cent (RM45.38 million) (K30.3million) from the corresponding period in 2014. 
He said the main driver for export growth during that period was machinery, appliances and parts, beverages and tobacco, and petroleum products. 
“The overall relation is very good,” Kuminding said. “PNG is one of the most important destinations for export in terms of investment in the Pacific. I’m very happy that the growth of our trade, be it our export to PNG as well as Papua New Guinea’s export to Malaysia was very, very positive, especially last year.
“Unbelievable. And I’m very happy. Trade must be equal partnership. 
“We want to import more from you. We want to buy more from Papua New Guinea because still, it’s not a balance trade. 
“It’s in our favor but we would like to very much have more from Papau New Guinea. 
“Now it is on the increase and I think that is a very good indicator,” he said.
Kuminding said it was important the trade must continue to grow.  The National / ONE PNG