How much does Malaysia trade with the EU?

EU goods imports from Malaysia stood at €29.1 billion in 2023, while EU goods exports reached €15.6 billion last year. Trade in services amounted to almost €11 billion in 2022. The EU is the fourth-largest trading partner of Malaysia (after China, Singapore, and the United States), accounting for 9.5% of the country’s total trade in goods in 2023.

What happened to the free trade agreement between the EU and Malaysia?

Facts, figures and latest developments. Negotiations for a Free Trade Agreement (FTA) between the EU and Malaysia were launched in 2010 and put on hold after seven rounds in 2012 at the request of Malaysia. In 2023, both parties began a stocktaking exercise to determine their positions regarding a possible resumption of the negotiations.

What is bilateral trade between the EU and Malaysia?

Bilateral trade between the EU and Malaysia is dominated by industrial products, which account for over 90% of trade flows, and in particular by machinery and appliances, which account for 62% of all EU imports and over 46% of EU exports (2023 figures).

How much did Malaysia trade with Germany in 2023?

In 2023, Malaysia’s total trade with Germany increased by 5.9% to RM63.45bil (US$13.90bil) compared to RM59.87bil (US$13.62bil) in 2022. During his stay in Berlin, Anwar held talks with his German counterpart Chancellor Olaf Scholz besides paying a courtesy call on President Frank-Walter Steinmeier.

Is it time for Malaysia to rekindle a free trade agreement?

HAMBURG: It is time for Malaysia and the European Union (EU) to rekindle the discussion on a free trade agreement (FTA) to further strengthen bilateral relations and regional integration, says Prime Minister Datuk Seri Anwar Ibrahim (pic).

What services does Malaysia import from the EU?

Meanwhile, Malaysia imports other business services, transport, other services and telecommunications, computer and information services. These services constitute 89.4% of Malaysia’s total imports from the EU. Major EU trade in services partners with Malaysia are Germany, the Netherland, France and Italy.