BY NURFARAHIN OKI
SARAWAK achieved a trade surplus of RM67.7 billion in 2023 despite a challenging economic landscape.
Deputy Premier Datuk Amar Awang Tengah Ali Hasan said the total trade value of RM193 billion was lower by 11.2 per cent due to slower global demand, lower commodities prices and geopolitical tension.
“Exports declined by 14.8 per cent to RM130.4 billion, while imports contracted by 2.5 pe rcent to RM62.6 billion compared with 2022,” he said.
He said this during his Ministerial winding-up speech at the Sarawak State Legislative Assembly (DUN) sitting here Wednesday (May 15).
Awang Tengah said exports were dominated by Liquefied Natural Gas (LNG), which accounted for 42.0 per cent of the share of total exports in 2023.
He explained the total export volume of LNG increased marginally at 0.7 per cent to 24.8 million tonnes.
“However, the export value dropped by 11.6 per cent to RM54.8 billion due to weak commodity price.
“The average price for LNG declined by 12.2 per cent from RM2,520 per tonne to RM2,213 per tonne during the same period.
As for exports of electrical and electronic (E&E) products, he said the sector rose by 15.4 per cent in 2023, supported by increased demand in semiconductor, solar and components for the electric vehicle batteries.
“The E&E sector is expected to grow at 5.0 per cent in 2024, arising from the positive global demand for sustainable, greener and cleaner industries such as solar, electrical vehicles and medical technology devices,” he said.
Additionally, Awang Tengah said that total imports in Sarawak dipped by 2.5 per cent to RM62.6 billion in 2023 dragged down by major categories, namely intermediate and consumption goods.
“Imports of intermediate goods, which accounted for 52.4 per cent of the total imports decreased as a result of a slowdown in manufactured exports while consumption goods with a share of 18.4 per cent contracted by 3.2 per cent,” he added.
