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FOREIGN TRADE
Import growths were more than the export growths in 2004.In the first three quarters of the year 2004,external demand was very stronger boosted by the economic recoveries in the three major players like USA, Japan and Europe, expanding intra regional trade and robust international prices. In nominal terms the trade surplus remained around RM 81.1 billion ($21.3 billion).
Exports were buoyant through the third quarter of 2004, but moderated significantly in the last quarter. After growing by 22.6 percent in the year through end-September 2004, merchandise export growth declined to just over 16 percent in the fourth quarter of 2004 reflecting moderation in manufactured exports (13½ percent) stemming from the slowdown in the global electronic cycle.
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CONCLUSION
In the past thirty years, the economy of Malaysia has successfully sustained rapid economic growth, by reducing poverty and curtailing the economic inequality. It has created a better environment among its ethnic groups.
Positive signs of a firm economic recovery in the global environment as well as higher commodity prices reinforced the 'feel-good' factor that contributed to further improvement in consumer and business sentiments. Growth has become broader based with all sectors registering positive growth. Domestic demand, particularly private consumption, continued to sustain growth for five consecutive years, while private investment, which picked up in 2003, became more entrenched, resulting in a private sector led growth in the economy of Malaysia.
Sources:-Department of Statistics, Malaysia; World Bank
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