Record trade proves bright spot for Malaysia in '11

The trade ministry said Malaysian exports grew to 695 billion ringgit (US$232 billion), up 8.7 percent year-on-year, largely due to a nearly 14-percent hike in shipments to China's resource-hungry economy, the world's second-largest.

Imports also grew 8.6 percent to 574 billion ringgit, taking overall trade to a record 1.27 trillion ringgit, up nearly 9.0 percent.

The figures — and China's growing impact — come amid fears that weakness in U.S. and European markets would hit Malaysia's trade-dependent economy.

The Southeast Asian nation relies heavily on exports of commodities such as palm oil and energy products as well as some manufactured goods.

“Malaysia's trade performance for the year remained strong despite the slow economic recovery in the U.S.” and other global uncertainties, the ministry said in a statement accompanying the data.

Exports to Asia grew by 11.2 percent and accounted for 71.3 percent of overall exports in 2011, it said.

December exports rose 6.1 percent year-on-year to 60.74 billion ringgit, the highest level ever recorded for that month, it added.

China overtook Malaysia's neighbor Singapore as the top export market in 2011.

Other key markets included Australia, Japan, Indonesia and South Korea.

The ministry said China, Southeast Asia and India would continue to be “major drivers of export growth” in 2012.

China remained Malaysia's largest overall trading partner for the third year, accounting for 13.2 percent of total trade. It was followed by Singapore, Japan and the United States.

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