Bilateral trade between Malaysia and the Organisation of Islamic Cooperation (OIC) countries inched up 0.2% to RM145.18 billion in 2016 from RM144.87 billion the previous year.
Deputy Minister of International Trade and Industry (Miti) Ahmad Maslan said exports to the OIC improved 5.1 per cent year-on-year to RM82.07 billion, while imports amounted to RM63.11 billion.
Ahmad Maslan said this during an oral question and answer session in the Dewan Rakyat today.
“The trade balance also registered a good performance in rising 67% to RM18.96 billion in 2016 compared to RM11.37 billion the previous year,” he added.
Exports included palm oil and related products, chemical and chemical products, machinery equipment, as well as electric and electronics material.
He said among the OIC countries, nearly 70% of Malaysia’s exports was to Indonesia, the United Arab Emirates, Turkey, Bangladesh and Pakistan with a lot of effort going into establishing good trade relations.
Malaysia signed free trade agreements with Pakistan in 2007 and Turkey in 2014.
Ahmad Maslan said currently, the OIC was Malaysia’s fifth largest trading partner, accounting for total trade of RM1.48 trillion in 2016.
He said the government would continue to establish good trade relations with the OIC.
Founded in 1969, the OIC has 57 members with a collective population of more than 1.6 billion. – Bernama