Malaysia’s exports are projected to reach 425 billion U.S. dollars by 2030 with an annual growth rate of 6.8 percent, Standard Chartered said Monday.
According to the global bank, China and Singapore are expected to continue to dominate Malaysia’s trade, while India, Vietnam and Indonesia are emerging as high-opportunity trade partners.
Malaysia’s exports to China would reach 75 billion dollars in 2030 with a compound annual growth rate (CAGR) of 6.2 percent, while Malaysia’s exports to Singapore are seen to hit 64 billion dollars at a CAGR of 7.8 percent.
Meanwhile, Malaysia’s exports to India are expected to reach 18 billion at a CAGR of 10.1 percent, while its exports to Indonesia and Vietnam are projected to hit 12 billion dollars and 13 billion dollars respectively, with a CAGR of 9 percent and 8.7 percent, respectively.
According to the bank, Malaysia is investing to strengthen its key export sectors and infrastructure, and the expansion of the Kuala Lumpur International Airport and East Coast Rail Link, connecting the west coast with the east coast, are major upgrade initiatives.
“Malaysia’s competitive trade growth is driven by a number of factors, chief of which is its strong trade ties with key markets,” said Patricia Wong, regional head of global subsidiaries for ASEAN and country head of corporate, commercial and institutional banking of Standard Chartered Malaysia.