Posted on 13 Oct 2015
Matrade CEO Datuk Dzulkifli Mahmud said the increase would be driven by a commitment made by both nations to increase two-way trade to US$160 billion by 2017.
“Despite the current economic challenges, China remains our important trading partner whereby during the first eight months of this year, our trade with China increased 9.6% to RM147.55 billion.
“Our exports to China rose 9.3% to RM65.17 billion while imports rose 9.8% to RM82.18 billion,” he told a press conference yesterday.
The half-day seminar was organised by Matrade as part of its effort to encourage local companies to use renminbi in their trade with China due to its stable and consistent nature and mitigate foreign exchange losses.
Dzulkifli said despite the benefits of using the currency, only less than 5% of trade between Malaysia and China were transacted in renminbi as traders were still used to currencies like the US dollar and euro.
