MATRADE led a Virtual Export Acceleration Mission to Tokyo and Osaka from November 30 until December 2, 2021. This mission was held in conjunction with the World Expo 2025 which will be held in Osaka prefecture, Japan.
Capitalising on the abundant business opportunities resulting from the spillover benefits of the 2025 World Expo, MATRADE took its first move by initiating this virtual mission in the effort to provide first-hand information to Malaysian exporters.
“As the event serves as part of an early preparation towards the World Expo 2025, we anticipate a huge business opportunity which leverage on the spillover effect worth about USD20 billion. Malaysia will focus on the various opportunities that arise which includes the Sustainable Development Goals that are in line with the World Expo 2025’s theme, “Designing Future Society for Our Lives”. Malaysia looks forward to working closely with Japan in connecting Malaysian and Japanese companies to achieve this goal”, said Deputy Chief Executive Officer of MATRADE, Madam Sharimahton Mat Saleh during her virtual opening remark on the programme’s opening day.
MATRADE arranged an all-inclusive programme for the participants by inviting distinguished speakers during the market and knowledge sharing sessions to provide insightful information related to the World Expo 2025 as well as the current market trends in Japan according to the sectors involved. With the support from the Embassy of Malaysia in Japan and collaboration with the Osaka City Government, Osaka Business Partner City Council, ASEAN Japan Centre and Malaysia-Japan Economic Association, this event had paved the way for the Malaysian companies to gain access to the Japanese market.
In 2020, Japan was Malaysia’s 4th largest trading partner with trade valued at RM124.14 billion (USD29.6 billion) which accounted for 7% share of Malaysia’s global trade. This shows that Japan is an important trading partner to us.
In terms of exports, Japan was Malaysia’s 5th largest export destination in 2020 with an exports value of RM62.56 billion (USD14.93 billion). Among major products which contributed to the growth of exports were electrical and electronic products and liquefied natural gas (LNG), optical & scientific equipment, chemicals & chemical products, just to name a few.
Meanwhile, Malaysia’s imports from Japan in 2020 was valued at RM61.58 billion (USD14.68 billion) which mainly consisted of products such as electrical and electronic products; machinery, equipment and parts; chemicals and chemical products; manufacture of metal; and iron and steel products.
For the period of January to October 2021, trade with Japan increased by 20.7% to RM121.85 billion (USD29.49 billion) compared to the same period of 2020. Exports edged up by 20.6% to RM61.61 billion (USD14.91 billion), buoyed by higher exports of E&E products, manufactures of metal, rubber products and LNG. Imports from Japan rose by 20.7% to RM60.24 billion (USD14.58 billion). Such performance signals a recovery in trade activities affected by the COVID-19 pandemic.
