US tariffs to have ‘limited' impact on S'wak economy
KUCHING: The reciprocal tariffs announced by the United States will have a limited impact on Sarawak's economy and trade relations, says state Deputy International Trade, Industry and Investment Minister Datuk Dr Malcolm Mussen Lamoh.
He said Sarawak's exports to the United States amounted to RM1.2bil in 2023.
'This only contributed 0.9% to Sarawak's total exports, with the main product being ferroalloy,' he told Johnichal Rayong (GPS-Engkilili) during question time in the Sarawak Legislative Assembly yesterday.
Last month, the United States imposed a 24% reciprocal tariff on Malaysian imports as part of sweeping higher tariffs against multiple countries before announcing a 90-day pause on the new rates.
Mussen said Sarawak's main export market was Asia, which comprised 73.4% of the state's total exports.
Liquefied natural gas (LNG), petroleum, palm oil and aluminium were the state's main exports, amounting to RM102.6bil in 2023, he added.
'The reciprocal tariff is expected to have minimal impact on Sarawak's trade relations with key Asian partners including China, India, Japan and South Korea. These countries remain our major trading partners.
'Trade continues to be strengthened through various free trade agreements (FTAs). Sarawak will utilise these FTAs to diversify and broaden our export markets.'
On the state's key commodities, Mussen said LNG was predominantly exported to Japan and China, palm oil to China and India and petroleum to Peninsular Malaysia, Australia and Thailand.
'As a result, Sarawak's trade flows remain resilient, supported by its trade relations, which are more focused on other countries,' he said.
In addition, Mussen said, Sarawak would refine its economic policies in line with proactive measures taken by the Federal Government to address the impact of the reciprocal tariff.
These measures include strengthening trade partnerships, diversifying export markets while enhancing supply chain resilience, investing in strategic industries and exploring bilateral trade agreements to safeguard economic stability.
'Sarawak will continue to capitalise on our strengths and foster deeper partnerships to enhance resilience and sustain growth despite market uncertainties,' he said.
Mussen said Malaysia, as Asean Chair, would work collaboratively to strengthen the regional bloc's influence in negotiations with the United States.
He said discussions would focus on charting a way forward and mitigating potential disruptions to regional trade, supply chain and cross-border investments.
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