(Kuching, 20th) Sarawak's Deputy Premier Datuk Amar Awang Tengah stated that Sarawak's trade has shown signs of recovery. As of the third quarter of 2024, the total trade volume has grown by 4.7% compared to the same period in 2023, increasing from RM 140.9 billion to RM 147.5 billion.
He mentioned that this growth reflects improvements in the trade performance of major economic sectors, with agriculture growing by 13%, mining by 6.8%, and manufacturing by 1.3%.
“Our largest foreign trade partners are Japan, China, South Korea, India, and Thailand. The main trade products include liquefied natural gas (LNG), crude oil, palm oil, aluminum, and refined petroleum products.”
Also the Minister of International Trade, Industry, and Investment, Awang Tengah stated in a departmental summary at the Sarawak Parliament today, that consumer goods during the same period increased from RM 8.3 billion to RM 9.8 billion, indicating strong domestic demand and economic growth.
He also mentioned that exports grew by 5.9%, from RM 94.3 billion in the same period of 2023 to RM 99.8 billion.
“Liquefied natural gas, palm oil, crude oil, and aluminum products remain the largest contributors to export value. Imports grew by 2.5%, expanding to RM 47.7 billion, with major imports being refined petroleum products, aluminum ores and concentrates, and motor vehicles.”
Regarding related issues, Awang Tengah stated that as of the third quarter of this year, Sarawak has obtained preliminary approval for investments amounting to RM 10.43 billion in 212 projects, creating approximately 5,400 new jobs.
“These investments do not include primary industry and service sector figures for the third quarter of 2024.”
Additionally, he said domestic direct investment, including reinvestment by existing foreign investors using domestic funds, reached RM 7.18 billion, while foreign direct investment contributed RM 3.25 billion.
He noted that the manufacturing sector is the largest contributor, accounting for 55.7%, attracting investments worth RM 5.81 billion. This is followed by the service sector, accounting for 28.5% or RM 2.97 billion, and the primary sector at 15.8% or RM 1.65 billion.
“These manufacturing projects mainly involve chemical and chemical products—RM 2 billion (urea, melamine, and fertilizers), electrical and electronic products—RM 1.2 billion (solar ingots, wafers, batteries, and modules) and non-metallic mineral products—RM 800 million (cement and clinker).”
He said that of the 356 projects approved in manufacturing and related services since 2020, 57% (i.e., 204 projects) have already been realized.
“Sarawak continues to attract and promote investors in high-tech industries, including electronics, sustainable fuels, renewable energy, and composite materials. These industries are drawn to Sarawak due to our unique comparative advantages, making it an attractive destination for cutting-edge technology sectors.”
On the other hand, he also discussed Sarawak’s timber industry and stated that the total export value for the third quarter of 2024 was RM 2.1 billion.
“Japan remains the main importer of Sarawak timber products, worth RM 1.2 billion, a 1.5% increase from RM 1.18 billion in the same period of 2023. Other major markets are India (RM 307 million), Middle East countries (RM 145 million), China (RM 110 million) and Taiwan (RM 88 million).”
Sarawak is also developing value-added industries like wood pellets, which can be used as eco-friendly fuel for power generation.
“In the third quarter of 2024, Sarawak's wood pellet export value was RM 60 million. Compared to RM 36 million in the same period of 2023, this figure increased by 69%.”
He stated that the main markets for Sarawak wood pellets are Japan and the Netherlands.
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