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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.
Borneo Post
20-05-2025
- Business
- Borneo Post
US tariff expected to have limited direct impact on Sarawak's economy, says deputy minister
Mussen speaks during the DUN sitting today. – Photo by Sarawak Public Communications Unit KUCHING (May 20): Sarawak is adapting its economic policies to navigate the challenges posed by the recent introduction of reciprocal tariffs by the US, said Datuk Dr Malcolm Mussen Lamoh. The International Trade Industry and Investment Deputy Minister stated that the new 24 per cent reciprocal tariff on Malaysian imports into the US, set to take effect after a 90-day postponement from April 9 to July 8, 2025, has raised concerns but is expected to have a limited direct impact on Sarawak's economy. 'Sarawak's exports to the US amounted to RM1.2 billion in 2023. These total exports only contributed 0.9 per cent to Sarawak's total exports, with the main product being ferro alloy,' he said in response to a question from Johnical Rayong Ngipa (PDP-Engkelili) during the Sarawak Legislative Assembly (DUN) sitting today. Mussen stated that Sarawak's main exports consist of liquefied natural gas (LNG), petroleum, palm oil and aluminium. 'The exports amounted to RM102.6 billion in 2023 which contributed 78.4 per cent to Sarawak's total exports. 'Our main export market is Asia, which contributed 73.4 per cent to the overall export market. This new tariff is expected to have minimal direct impact on Sarawak,' he said. Mussen emphasised that Sarawak will 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 tariff. Among the measures are strengthening trade partnerships, diversifying export markets while enhancing supply chain resilience, investing in strategic industries, and exploring bilateral trade agreements to safeguard economic stability. Mussen also said that a National Geoeconomic Command Centre (NGCC) has also been established to formulate a comprehensive strategy to mitigate the impact of the US tariff on Malaysia's economy and key sectors. 'Malaysia will continue strategic high-level engagement with the US, and the Ministry of Investment, Trade and Industry (Miti) will utilise the Malaysia-US Trade and Investment Framework Agreement (TIFA) to address these concerns. 'Sarawak will continue to capitalise on its strengths and foster deeper partnerships to enhance resilience and sustain growth despite market uncertainties,' he said. economic policies lead Malcolm Mussen Lamoh US tarrifs
Borneo Post
20-05-2025
- Business
- Borneo Post
US tariffs expected to have limited direct impact on Sarawak's economy, says deputy minister
Mussen speaks during the DUN sitting today. – Photo by Sarawak Public Communications Unit KUCHING (May 20): Sarawak is adapting its economic policies to navigate the challenges posed by the recent introduction of reciprocal tariffs by the US, said Datuk Dr Malcolm Mussen Lamoh. The International Trade Industry and Investment Deputy Minister stated that the new 24 per cent reciprocal tariff on Malaysian imports into the US, set to take effect after a 90-day postponement from April 9 to July 8, 2025, has raised concerns but is expected to have a limited direct impact on Sarawak's economy. 'Sarawak's exports to the US amounted to RM1.2 billion in 2023. These total exports only contributed 0.9 per cent to Sarawak's total exports, with the main product being ferro alloy,' he said in response to a question from Johnical Rayong Ngipa (PDP-Engkelili) during the Sarawak Legislative Assembly (DUN) sitting today. Mussen stated that Sarawak's main exports consist of liquefied natural gas (LNG), petroleum, palm oil and aluminium. 'The exports amounted to RM102.6 billion in 2023 which contributed 78.4 per cent to Sarawak's total exports. 'Our main export market is Asia, which contributed 73.4 per cent to the overall export market. This new tariff is expected to have minimal direct impact on Sarawak,' he said. Mussen emphasised that Sarawak will 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 tariff. Among the measures are strengthening trade partnerships, diversifying export markets while enhancing supply chain resilience, investing in strategic industries, and exploring bilateral trade agreements to safeguard economic stability. Mussen also said that a National Geoeconomic Command Centre (NGCC) has also been established to formulate a comprehensive strategy to mitigate the impact of the US tariff on Malaysia's economy and key sectors. 'Malaysia will continue strategic high-level engagement with the US, and the Ministry of Investment, Trade and Industry (Miti) will utilise the Malaysia-US Trade and Investment Framework Agreement (TIFA) to address these concerns. 'Sarawak will continue to capitalise on its strengths and foster deeper partnerships to enhance resilience and sustain growth despite market uncertainties,' he said. economic policies lead Malcolm Mussen Lamoh US tarrifs
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.
