Latest news with #GPS-Engkilili
The Star
21-05-2025
- Business
- The Star
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.
The Sun
20-05-2025
- Business
- The Sun
US tariffs seen having limited impact on Sarawak
KUCHING: The reciprocal tariffs imposed by the United States have had limited impact on Sarawak's economy, a state official said on Tuesday. 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.
New Straits Times
20-05-2025
- Business
- New Straits Times
US tariffs seen having limited impact on Sarawak
KUCHING: The reciprocal tariffs imposed by the United States are expected to have limited impact on Sarawak's economy, a state official said on Tuesday. 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.
