Malaysia
Economic and trade overview
Key figuresEconomy 2011 Trade 2011 (USD billion)
GDP (USD) 288 bn Goods Exports 228
GDP per capita (USD) 9,977 Imports 179
GDP volume growth (year-on-year) + 5.1% Net + 48
Population 28.86m Services Exports 36
MMR (year average) 2.88% Imports 39
Exchange rate MYR / USD (year average) 3.0600 Net – 3
BoP (goods, services & income) as % of GDP + 13.4% Source: IFS, IMF, January 2013International/regional memberships
Asia-Pacific Economic Cooperation
(APEC): since 6–7 November 1989.
Association of Southeast Asian Nations
(ASEAN): founding member since
8 August 1967.
International Monetary Fund (IMF):
since 7 March 1958.
World Trade Organization (WTO):
since 1 January 1995.Government trade policy
Malaysia pursues many of its trade
objectives through its membership of ASEAN
(www.aseansec.org).
As a member of ASEAN, Malaysia is
committed to ASEAN Free Trade Area
(AFTA) Common Effective Preferential Tariff(CEPT) scheme. This lowers all intra-regional
tariffs on trade between Malaysia and other
ASEAN member states (Brunei Darussalam,
Cambodia, Indonesia, Laos, Myanmar,
Philippines, Singapore, Thailand and
Vietnam) to between zero and 5 percent.
ASEAN member states have a number of
free trade agreements (FTAs) with regional
economies such as South Korea, China,
Japan, India, and Australia and New
Zealand. ASEAN is also in negotiations for
an FTA with the European Union.
National export credit insurance provider:
Export-Import Bank of Malaysia Berhad
(Exim Bank — http://www.exim.com.my).
Malaysia maintains around 11 free trade
zones, approximately seven of which are
devoted to electronics.Currency and exchange controls
Official currency: Malaysian ringgit (MYR).
Exchange rate arrangement: managed float
with reference to a basket of currencies.
Malaysia imposes some foreign exchange
controls, which are administered by the
governor of Bank Negara Malaysia
(www.bnm.gov.my), who acts as the Controller
of Foreign Exchange (COFE).
Approval from COFE is needed for all foreign
currency payments between residents
and all local currency payments between
residents and non-residents for internationaltrade, foreign currency capital or money
market instruments.
The import or export of MYR banknotes
worth over the equivalent of USD 10,000 is
not permitted.
Foreign currency of any amount can be
imported and exported.
The proceeds of exports must be
repatriated within six months from the date
of export and must be received in foreign
currency (not the Israeli shekel).