Business

Wednesday March 4, 2009

Trade value of chemical products increases


KUALA LUMPUR: The total trade value of chemicals and chemical products in 2008 increased by 10.9% to RM84.12bil compared with 2007.

Exports of chemicals and chemical products expanded by 10.4% to RM40.55bil, according to figures from the International Trade and Industry Ministry (Miti).

A total of 48 projects were approved in the chemicals industry last year with a value of RM1.9bil, compared with 26 projects worth RM1.1bil in 2007.

These figures were revealed by Deputy International Trade and Industry Minister Datuk Liew Vui Keong at the ChemCon Asia Conference 2009 yesterday.

Datuk Liew Vui Keong

China remained the top export destination for Malaysian chemicals and chemical products in 2008, with a market share of 13.1% valued at RM5.32bil, he said.

Major export items were organic chemicals, plastics in primary form, chemical materials and products, essential oils and perfume materials as well as manufactured fertilisers.

Imports amounted to RM43.57bil, an increase of 11.5% from 2007.

Like many other sectors, the chemicals sector had been affected by the global economic slowdown but the Government was doing something about it, said Liew.

For example, it has approved funds for Sirim to conduct GLP (good laboratory practices) tests, a standard required by the European Union.

The Government also has a grant scheme to help small and medium enterprises (SMEs) comply with international standards such as the Globally Harmonised System of Classification and Labelling of Chemicals (GHS).

SMEs make up 94.2% of the total of 1,233 companies in the chemicals industry, mainly in the agriculture sector and engaged in segments like fertilisers and pesticides, detergents, cosmetics, paint products and the plastics sub-sector, according to Liew.

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