US tariffs seen having limited impact on Sarawak
Sarawak Deputy Minister for International Trade, Industry and Investment Datuk Malcolm Mussen Lamoh said the state's exports to the US totalled RM1.2 billion in 2023, contributing just 0.9 per cent to overall exports.
The main export to the US was ferroalloy.
"Sarawak's main exports consist of liquefied natural gas (LNG), petroleum, palm oil and aluminium. These exports amounted to RM102.6 billion in 2023 and contributed 78.4 per cent to Sarawak's total exports.
"Our main export market is Asia, which accounted for 73.4 per cent of overall exports. This new tariff is expected to have minimal direct impact on Sarawak," he said during the question-and-answer session at the Sarawak State Assembly sitting today.
Mussen was responding to a question from GPS-Engkilili assemblyman Dr Johnichal Rayong, who asked about the impact of the reciprocal tariffs imposed by the US on Sarawak's economy.
According to Mussen, the tariffs have limited impact on the state's economy primarily due to the export destinations of Sarawak's key commodities. 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.
"As a result, Sarawak's trade flows remain resilient, supported by its trade relations, which are more focused on other countries," he said.
Meanwhile, Mussen said Sarawak would continue to refine its economic policies by adapting to global trade dynamics, in line with proactive measures taken by the Federal Government to address the impact of the reciprocal tariffs.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
5 hours ago
- New Straits Times
MR DIY net profit rises to RM158.58mil in 2Q
KUALA LUMPUR: MR DIY Group (M) Bhd's net profit for the second quarter ended June 30, 2025 (2QFY2025) rose to RM158.58 million from RM155.21 million in the same quarter a year ago. Revenue for the quarter under review was higher by 1.2 per cent at RM1.21 billion versus RM1.2 billion. The group attributed the better performance to the contributions from new stores. "This growth came off a high base in 2QFY2024, which had benefited from the Hari Raya festive season. The group opened 31 new stores during the quarter, bringing the total to 1,502 as at 1HFY2025 -- an increase of 12.1 per cent year-on-year (y-o-y)," said the home improvement retailer in a Bursa Malaysia filing today. Total transactions rose 5.0 per cent y-o-y to 48.5 million, partially offset by a 3.3 per cent decline in average basket size, mainly due to fewer items per transaction. On the outlook, MR DIY said the group does not foresee the ongoing market volatility stemming from geopolitical tensions, tariff adjustments, and changes to domestic policies, including the revised Sales and Service Tax effective July 2025 and the two per cent Employees Provident Fund contribution for foreign workers to have a material impact on its business operations. "Looking ahead, the group will continue to expand its retail footprint by strategically launching new stores across its core and sub-brands in 2025. These efforts aim to reinforce the group's market leadership and its position as the value retailer of choice for Malaysians," it said. In a statement, MR DIY announced an interim single-tier dividend of 1.5 sen per ordinary share totalling RM142.1 million in respect of the financial year ending Dec 31, 2025, to be paid on Sep 8, 2025. This brings the total dividend payout for the first half of the financial year 2025 (1HFY2025) to RM274.7 million. MR DIY's chief executive officer Adrian Ong said the retailer has steadily increased its dividend payout over the years to deliver strong cash returns to shareholders. "Our consistent track record since our listing in 2020 reflects this commitment. Backed by robust net operating cash flows and solid financial performance, we have exceeded our 50 per cent to 65 per cent target payout while continuing to invest in growth," he added.
Barnama
5 hours ago
- Barnama
MR DIY Net Profit Rises To RM158.58 Mln In 2QFY2025
BUSINESS KUALA LUMPUR, Aug 13 (Bernama) -- MR DIY Group (M) Bhd's net profit for the second quarter ended June 30, 2025 (2QFY2025) rose to RM158.58 million from RM155.21 million in the same quarter a year ago. Revenue for the quarter under review was higher by 1.2 per cent at RM1.21 billion versus RM1.2 billion. The group attributed the better performance to the contributions from new stores. 'This growth came off a high base in 2QFY2024, which had benefited from the Hari Raya festive season. The group opened 31 new stores during the quarter, bringing the total to 1,502 as at 1HFY2025 -- an increase of 12.1 per cent year-on-year (y-o-y),' said the home improvement retailer in a Bursa Malaysia filing today. Total transactions rose 5.0 per cent y-o-y to 48.5 million, partially offset by a 3.3 per cent decline in average basket size, mainly due to fewer items per transaction. On the outlook, MR DIY said the group does not foresee the ongoing market volatility stemming from geopolitical tensions, tariff adjustments, and changes to domestic policies, including the revised Sales and Service Tax effective July 2025 and the two per cent Employees Provident Fund contribution for foreign workers to have a material impact on its business operations. 'Looking ahead, the group will continue to expand its retail footprint by strategically launching new stores across its core and sub-brands in 2025. These efforts aim to reinforce the group's market leadership and its position as the value retailer of choice for Malaysians,' it said. In a statement, MR DIY announced an interim single-tier dividend of 1.5 sen per ordinary share totalling RM142.1 million in respect of the financial year ending Dec 31, 2025, to be paid on Sep 8, 2025. This brings the total dividend payout for the first half of the financial year 2025 (1HFY2025) to RM274.7 million.
Malaysian Reserve
5 hours ago
- Malaysian Reserve
MOTAC allocates RM10.14m to Negeri Sembilan for tourism, heritage conservation projects
SEREMBAN — The Ministry of Tourism, Arts and Culture (MOTAC) has allocated RM10.14 million to Negeri Sembilan this year under the Restoration, Conservation, Renovation and Upgrading Programme (PPUN), as part of efforts to preserve heritage and strengthen the state's tourism sector. Menteri Besar Datuk Seri Aminuddin Harun (picture) said the allocation reflects the federal government's holistic and strategic commitment to ensuring the state's heritage, tourism and cultural identity are preserved, elevated and developed. Aminuddin said 18 tourism and conservation projects have been approved under PPUN in districts including Port Dickson, Kuala Pilah, Rembau, Jelebu and Tampin. 'All these projects will breathe new life into the state's tourism destinations and reinforce the Visit Negeri Sembilan Year 2026 campaign,' he told reporters here today. According to him, one of the key projects is the RM1.2 million conservation and relocation of Masjid Lama Parit Istana to the Masjid Tanjung Beringin area, aimed at preserving Islamic history and traditional Malay architecture. He said RM800,000 has been allocated to upgrade Masjid Tanjung Beringin, transforming the mosque into a more inclusive and conducive heritage and worship centre, as well as improving the lighting and landscape of the Port Dickson Clock Tower. '(Other projects include) the maintenance of landmarks at the Sunggala Roundabout, the Lukut-Sepang junction and the Port Dickson gateway (as well as) development of ecotourism at the Gunung Datuk Eco Forest Park, Kenaboi State Park and Ulu Bendul Eco Forest Park. 'RM500,000 has been allocated to upgrade the Pulau Burung jetty and the watchtower (phase two), which will create new opportunities for the maritime tourism sector and biodiversity conservation,' he said. Aminuddin said that based on Tourism Malaysia's accommodation survey, the state recorded a significant rise in international tourist arrivals last year, with 0.46 million visitors compared to 0.34 million in 2023, an increase of 35.1 per cent. He added that the increase placed Negeri Sembilan sixth among 13 states and three Federal Territories, making it one of Malaysia's emerging tourism destinations. — BERNAMA
