Matrade ramping up promotion in Chile, Argentina and Brazil
In a statement today, Matrade said eight Malaysian companies representing agro-industry, electrical and electronics (E&E), information and telecommunication technology, automotive, as well as services, would also be joining the mission which aims to boost awareness of Malaysia’s capabilities in various sectors.
Matrade chief executive officer Datuk Wan Latiff Wan Musa said Malaysian companies were set to benefit from the strategic bilateral trade partnership platforms that have been established with the three countries.
“This mission will boost Malaysia’s relevance in these markets and support Malaysian exporters’ efforts to actively promote their products and services.
“Foothold in Chile, Argentina and Brazil for our exporters will also open up opportunities for them to further exploit the larger Latin America market,” he added.
Chile, Argentina and Brazil are among Malaysia’s largest trading partners in Latin America with Brazil being the largest.
Total trade with Chile in 2018 was at RM1.32 billion (US$0.33 billion), an increase of 150 per cent over 2009 trade value.
Malaysia’s exports to Chile grew by a whopping 352.17 per cent within the same period to reach RM0.81 billion (US$0.20 billion) in 2018.
Major exports to Chile were chemicals and chemical products, rubber products, wood products, while major imports from Chile were metalliferous ores and metal scrap, seafood, fresh, chilled or frozen, paper and pulp products.
As for Argentina, Malaysia’s trade with the nation grew by over 178.66 per cent within 10 years with total trade in 2018 was at RM5.39 billion (US$1.34 billion) compared with RM2.66 billion (US$0.75 billion) in 2009.
Exports alone increased by 123.91 per cent to RM3.6 billion during the period, mainly contributed by rubber products, E&E products, petroleum products, while major imports from Argentina were animal feed and leather and articles of leather, cereals and other vegetable oil.
Meanwhile, trade between Malaysia and Brazil grew by over 208 per cent within 10 years with total trade in 2018 was at RM11.57 billion (US$2.87 billion) compared with RM5.54 billion (US$1.58 billion) in 2009.
Exports to Brazil had increased 162.50 per cent to RM3.6 billion during the period, mainly contributed by E&E products, rubber products as well as chemicals and chemical products, while major imports from the country were metalliferous ores, processed food and petroleum products.