US tariff to have limited impact on Sarawak, says state official
Sarawak deputy minister for international trade, industry and investment Malcolm Mussen Lamoh said the state mainly conducts trade with Asian countries. (Bernama pic)
PETALING JAYA : The recent tariff imposed by the US is expected to have a limited impact on Sarawak's economy due to the export destinations of Sarawak's key commodities, a state official said today.
In a Bernama report, Sarawak deputy minister for international trade, industry and investment Malcolm Mussen Lamoh said Sarawak's main exports consist of liquefied natural gas (LNG), petroleum, palm oil, and aluminium.
LNG is predominantly exported to Japan and China; palm oil is mainly sent to China and India; and petroleum exports are largely concentrated in Peninsular Malaysia, Australia, and Thailand.
Mussen told the Sarawak state assembly sitting that these exports amounted to RM102.6 billion in 2023 and contributed 78.4% to Sarawak's total exports.
By comparison, the state's exports to the US – most of which was ferroalloy – totalled RM1.2 billion in 2023, contributing just 0.9% to overall exports.
'This new tariff is expected to have a minimal direct impact on Sarawak as our main export market is Asia, which accounted for 73.4% of overall exports,' he said.
'As a result, Sarawak's trade flows remain resilient (and is) supported by its trade relations which are more focused on other countries.'
Mussen was responding to a question from Engkilili assemblyman Johnical Rayong Ngipa about the impact of the tariff imposed by the US on Sarawak's economy.
Mussen said Sarawak would continue to refine its economic policies by adapting to global trade dynamics, in line with the measures taken by the federal government to address the impact of the tariff.
He said these measures include strengthening trade partnerships, diversifying export markets, enhancing supply chain resilience, investing in strategic industries, and exploring bilateral trade agreements to safeguard economic stability.
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