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A 15-day service from New Zealand to Port Klang
is provided by vessels operated by associated New
Guinea Pacific Line. Southbound cargo from Port
Klang, Penang and Pasir Gudang to New Caledonia,
Fiji and New Zealand is carried by the East Asia
Service with relay via Singapore.
Key Economic Indicators
| Population |
25.0 million (July 2004) |
| GDP |
US$130 billion
(2003) |
| GDP Growth Rate
|
5.2% (2003) |
| GDP Per Capita
|
US$3,880 (2003)
|
| Inflation |
1.1% (2003) |
| Total Imports |
US$88 billion (2003)
|
| Total Exports |
US$105 billion
(2003) |
| Currency |
1 Ringgit (RM)
= 100 sen |
| Exchange Rate |
NZ$1.00:RM2.59 (Sept 2005) |
| |
US$1.00:RM3.77 (Sept 2005) |
Source: NZ Ministry of Foreign Affairs and trade and various
Overview
Malaysia's economy, previously a strong performer, was hit hard by the regional economic turmoil in 1997 and 1998. (The ringgit dropped by over 40 percent before being fixed in 1998 at RM3.80 = US$1, and the economy contracted by around 7 percent). But the economy then recovered strongly, recording GDP growth of 5.8 percent in 1999 and 8.5 percent in 2000, on the back of increased government spending and a robust export sector.
Malaysia's medium-term economic prospects remain good: GDP growth for Jan-June 2004 at 7.8%; strong export growth; inflation low and the peg to the US$ expected to remain in the near-term; interest rates low; relatively low unemployment; high growth in private consumption. Budget 2005 aims to reduce the fiscal deficit from 4.5% of GDP to 3.8% of GDP in 2005. But the three external economic risks - the rising price of crude oil, possibility of higher interest rates in the US and the likely slowdown in China, remain of concern.
New Zealand has strong official, business and individual links with Malaysia, which is an influential member of the South East Asian community. It is one of the South East Asian countries best known to New Zealanders. There is a history of close and friendly links, stemming originally from Commonwealth ties, the education-related Colombo Plan and shared security concerns.
Two-way trade between New Zealand and Malaysia is significant, valued at around NZ$1.3 billion for the year to June 2004. Malaysia is New Zealand's 10th largest bilateral trading partner and our 11th largest export market globally (Statistics New Zealand June 2004 provisional figures). The bulk of New Zealand exports to Malaysia are agriculture-related, with dairy products (mainly milk powder) comprising over 50 percent. Malaysian exports to New Zealand have grown rapidly, with electronic products and crude oil being major export items. Malaysia continues to enjoy the surplus of trade it first gained in 1998.
Source: NZ Ministry of Foreign Affairs and trade
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Malaysia's
Top Ten Exports, 2004
(RM billion)
| Transistors, valves
etc |
89.30 |
| Automatic data processing equipment |
45.90 |
| Parts and accessories
for office machines |
30.31 |
| Telecommunications
equipment and parts |
25.27 |
| Petroleum oils,
crude |
22.78 |
| Fixed vegetable
fats, oils, crude, refined |
19.80 |
| Natural gas |
17.08 |
| Electrical switcher
relays, circuits |
14.08 |
| Petroleum products |
12.10 |
| Television receivers, etc. |
7.79 |
| Total
|
480.74 |
Source: Matrade (www.matrade.gov.my)
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Malaysia's
Top Ten Imports, 2004
(RM billion)
| Transistors, valves,
etc |
102.95 |
| Parts and accessories
for office machines |
23.45 |
| Electrical switcher
relays, circuits |
14.49 |
| Telecommunications
equipment & parts |
14.39 |
| Petroleum products
|
13.63 |
| Electronic machines
apparatus |
10.65 |
| Automatic data
processing equipment |
8.81 |
| Petroleum Oils,
Crude |
7.72 |
| Measuring, Analysing,
Control Instruments |
7.21 |
| Other machine parts
– specialised |
6.78 |
| Total
|
400.08
|
Source: Matrade (www.matrade.gov.my)
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New
Zealand's Top Ten Exports to Malaysia, 2004
NZ$ million
| Milk powders |
210.81 |
| Frozen beef |
26.07 |
| Sheep meat |
22.14 |
| Ferrous waste and scrap |
17.86 |
| Butter |
17.76 |
| Malt extract |
16.75 |
| Meat offal |
16.51 |
| Cheese |
13.33 |
| Chemical wood pulp |
12.46 |
| Casein |
11.52 |
| Total
|
522.65 |
Source: Statistics NZ
The above information is an excerpt from the Trade
New Zealand Country Briefs.
For a more comprehensive account, please click here
http://www.tradenz.govt.nz/CWS/page_Article/0,1300,1040,00.html
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