Tuesday, July 5, 2011

Sabah recorded a trade surplus of 40.5 % in 2010

Sabah Chief Minister, YAB Datuk Seri Panglima Musa Haji Aman

KOTA KINABALU, July 5, 2011 (Bernama) -- Sabah recorded a trade surplus of 40.5 per cent in 2010 compared to the year before in 2009, Chief Minister Datuk Seri Musa Aman said today 5 July 2011.

He said export of merchandise grew by 17.39 per cent to RM43.62 billion, while imports increased by 7.5 per cent to RM27.9 billion.

"Sabah's total trade in 2010 accounted for 6.1 per cent of Malaysia's total and this is is a positive transformation after the economic downturn in 2008," he said at the Malaysia International Chambers of Commerce and Industry (MICCI) Sabah Annual Luncheon in Kota Kinabalu.

The text of his speech was delivered by Deputy Chief Minister Datuk Dr Yee Moh Chai.

Musa said in the first quarter of this year, total trade amounted to RM18.9 billion with exports amounting to RM11.8 billion, in which 82.6 per cent was contributed by palm oil, crude petroleum, palm kernel oil, plywood and methanol, while imports amounted to RM7.1 billion.

He also noted Sabah's tourism sector continued to perform positively with the state registering an increase in visitor arrivals by 12.5 per cent reaching 870,197 in the first four months of this year compared to the same period last year.

"We are confident of growth in the tourism sector and expect five million tourist arrivals and a yearly receipt of RM8 billion by 2015," he said.

Meanwhile, Musa said the state government was commited to address global concerns over a changing climate by taking positive steps to contribute towards environmental sustainability.

Among the state government initiatives, he said, was to venture into renewable energy by building a RM280 million biomass plant with a South Korean firm at the Lahad Datu Palm Oil Industrial Cluster scheduled for commissioning by late next year.

"The plant will use vast quantities of palm oil waste for energy generation, helping us reduce greenhouse gas emissions while increasing power supply in the state.

"Turning biomass into energy makes perfect sense and will help position our state as one that truly cares for the environment," he said.

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