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International trade plays a large role in Malaysian economy. Since 1998, Malaysia have been reporting consistent trade surpluses, mainly due to rise in exports of
International trade plays a large role in Malaysian economy. Since 1998, Malaysia have been reporting consistent trade surpluses, mainly due to rise in exports of electrical and electronics products. In 2015, the biggest trade surpluses were recorded with Hong Kong, Singapore, Japan, and United States while the biggest trade deficits with China and Taiwan. However, exports fell 13.1\% year on-year to MYR 116.75 billion, weighed down by the decreases in sales for mining sector (33.6%), agricultural (28.1%), and manufacturing (9.5%). Required: Explain the measures Malaysia can take to enhance its trade surplus. Provide both short-term and long-term strategies, along with their potential benefits and challenges. (CLO3) (10 Marks)
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