The US-China trade war did not greatly affect trade in the Asian steel market

The trade war between the United States and China has not seriously affected Malaysia's trade performance with both countries, even though it has affected the global economy.

The Ministry of International Trade and Industry (MITI) reported that Malaysia's trade with the United States in January-June 2020 rose 3.1% to Ringgit 80.41 billion compared to the same quarter last year.

The country's exports to the United States also increased by 2.4% to 46.15 billion ringgit, while imports fell by 4.1% to 34.26 billion ringgit.

Almost 80% of Malaysia's exports to the United States were electrical and electronic products, rubber products, optical and scientific equipment, wood products and other manufacturing products.

About 76% of imports from the United States were electrical and electronic products, chemicals and chemical products, machinery and equipment, optical and scientific equipment, and steel products.

Meanwhile, Malaysia's trade with China in January-June this year, according to MITI, increased by 0.3% to 149.16 billion ringgit compared to the corresponding period in 2019.

The country's exports to China during this period increased by 8.3% to 69.43 billion ringgit, mainly due to electrical engineering and electronics, chemicals and chemical products, petroleum products, metal production and other manufacturing products.

MITI reported that Malaysia's imports from the Asian country fell 5.8% to Ringgit 79.73 billion, with mainly electrical and electronics, machinery, equipment, chemicals and chemical products, petroleum products and metal production.

The ministry also stressed that Malaysia's trade figures declined slightly in January-June 2020 due to the Covid-19 pandemic, with total trade falling as much as 7% year on year to RM833.36 billion.

“Exports fell 6.8% YoY to 448.99 billion ringgit, while imports fell 7.2% YoY to 384.38 billion ringgit, and the trade surplus was 4.1% lower YoY. g and amounted to 64.61 billion ringgit, "- said in a written response to Datuk Seri Dr. Asked by Ahmad Zahid Hamidi (BN-Bagan Datuk) about the U.S.-China trade war and the impact of the Covid-19 pandemic on Malaysia's imports and exports this year.

MITI noted that there are several business opportunities in certain sectors, citing a substantial 40.3% increase in rubber gloves exports due to strong global market demand due to the Covid-19 pandemic.

"Exports of medical devices such as test kits and disinfectants have also increased," the report said.

In the wake of the ongoing U.S.-China trade war and the unrelenting pandemic, MITI said it has taken proactive steps through its trade promotion agency, Malaysia External Trade Development Cor