Malaysia's October 2021 export value rose 25.5% year-on-year to a record high of RM114.4 billion in line with global economic recovery from the impact of Covid-19 pandemic-driven movement restrictions, according to the Department of Statistics Malaysia (DOSM) on Monday.

In a statement, the DOSM’s chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the country’s import value was higher by 27.9% at RM88.2 billion.

Mohd Uzir said the nation’s total trade expanded to RM202.6 billion from RM160.1 billion. "Trade surplus in October 2021, with a value of RM26.2 billion, marked the 18th consecutive month of trade surplus since May 2020,” he said.

"In accordance with the recovery in domestic economic activity, the month-on-month performance of exports, imports, total trade and trade surplus also [showed] positive growth, higher by 3.2%, 4.1%, 3.6% and 0.5%, respectively,” he said.

Between January and October 2021, Malaysia’s export value breached RM1 trillion in the first ten months of the year after expanding 25% from a year earlier, according to the DOSM’s statement.

The DOSM said the 10-month duration was the fastest period Malaysia’s export value breached the RM1 trillion mark.

Join us on Tuesday, December 7, 2021, at 3PM (+8 GMT) for our Advocacy Talks webinar with Deloitte on the topic of Budget 2022 and Immigration Issues.

It will be an in-depth look at the Malaysian Budget 2022 as the budget introduced some bold play to provide individuals and businesses with the necessary stimuli to bounce back and thrive post-pandemic while boosting tax collection for a more resilient and stronger nation.

Join us for an informative and beneficial session on the topic of Budget 2022 and Immigration Issues with:

i. Thin Siew Chi, Business Tax Executive Director, Deloitte Malaysia;

ii. Ang Weina, Global Employer Services Leader, Deloitte Malaysia;

iii. Senthuran Elalingam, Indirect Tax Executive Director, Deloitte Malaysia; and

iv. Tamas Adorjan, Transfer Pricing Associate Director, Deloitte Malaysia.

EUROCHAM Malaysia hosted the Bilaterals Working Group Meeting last week, together with our Bilateral and Associate Chambers. During the meeting, we discussed a range of topics that will continue to help flourish and strengthen our bilateral ties through a variety of strategic events and annual programmes that will in turn benefit all members for next year!

We thank all who attended and participated in the meeting and we look forward to more productive and insightful meetings like these in the near future.

The Commission is proposing today to update the Council recommendation on non-essential travel from outside the EU to simplify the framework and reflect recent developments. Priority will be given to vaccinated travellers. Member States should reopen systematically to those vaccinated with vaccines having completed the WHO emergency use listing process, in addition to reopening to those vaccinated with EU-approved vaccines as is the case today. As an essential safeguard, proof of a negative PCR test will always be required for all travellers who have been vaccinated with a WHO approved vaccine which is not approved by the European Medicines Agency, and for recovered travellers.

The updates also introduce a time limit of 9 months for the acceptance of vaccination certificates after the primary vaccination series. This takes into account the guidance of ECDC regarding the administration of booster doses as of 6 months after completion of the primary vaccination series and provides for an additional period of 3 months to ensure that national vaccination campaigns can adjust and people can have access to the administration of boosters. The updates also include acceptance of vaccination certificates issued after an additional (“booster”) dose. In addition, considering the increasing vaccination uptake worldwide, the Commission proposes to discontinue the list of countries from where all travellers are allowed regardless of vaccination status, as of 1 March next year. This proposal will now be considered by the Council.

In parallel, the Commission is also proposing today updates to the Council recommendation on free movement within the EU.

Join us on Tuesday, December 7, 2021, at 3PM (+8 GMT) for our Advocacy Talks webinar with Deloitte on the topic of Budget 2022 and Immigration Issues.

It will be an in-depth look at the Malaysian Budget 2022 as the budget introduced some bold play to provide individuals and businesses with the necessary stimuli to bounce back and thrive post-pandemic while boosting tax collection for a more resilient and stronger nation.

The implementation of the land and air Vaccinated Travel Lanes (VTL) will act as a catalyst to spur the post COVID-19 economic recovery in both countries, Johor Menteri Besar Datuk Hasni Mohammad said.

He said that it was especially true for Johor, as the state was Singapore’s nearest neighbour and the presence of Singaporeans travellers would stimulate the economy, as the island state had long been Johor’s biggest investor.

The VTL represented a ray of happiness to Malaysians and Singaporeans, allowing the resumption of ties that were ‘severed’ during the COVID-19 pandemic, he added, saying that it would bring much needed relief to citizens in both countries following the closing of borders almost 20 months ago.