13 March 2024, MATRADE
PERANTIM as one of the country major Healthcare Association attended the debriefing session on 2023 Trade Analysis of Healthcare Sector and Healthcare Performance debriefing by MATRADE.
Keys Take Aways:
- In 2023, Malaysia Total Trade was recorded at impressive RM2.637 trillion. It is the country’s 3rd consecutive years exceeded the RM2 Trillion mark. We exported RM1.43 Trillion and Imported RM1.21 Trillion with trade surplus of RM214.10 Billion.
- For Healthcare Trade Performance, the Total Trade was RM50.64Billion, with export of RM31.07Billion and Import of RM19.57 Billion.
- Specifically for Medical Device Trade Performance, the Total Trade was RM36.42 Billion, with export of RM28.15 billion and Import of RM8.27 billion.
- Medical Devices Top 3 Export destination are USA, Belgium & Germany, whereas Top 3 Import sources countries are Singapore, USA & China.
PERANTIM President offered his takes on the statistics to MATRADE for onward take up. He saw a big opportunity to develop more local manufacturers for medical devices which in turn will reduce import burden to the country. Barriers to entry to the industry have to be strategically eased with international JV on audits and certifications. The gaps of audit experts and products specialists can only mean more works and job opportunities for local graduates and opportunities local skill enhancement. The spill over is definitely new innovations.
With intense competition for more FDIs, local manufacturers can’t afford to be left behind. Time to pick up the pace.
We have to think far ahead of the norms. For betterment of the country.
