The Function of International Trade
The Function of International Trade
In general, the function of international business is exchange of products, capitals and services from one nation to another nation, in short it is namely as export and import. Global trading gives consumer and countries an opportunity to expose the product and services which cannot derived in their own country. International trade enable a country to participate in global economy and it is also a good chance of Foreign Direct Investment (FDI) which that the individuals invest into foreign companies to raise their income. Malaysia is one of the countries which are participating in the international trade. Malaysia is an open economy which have depends on external trade to achieve its economy growth (Yusoff, 2005). The World Bank Group has reported that the Gross Domestic Product (GDP) is value 303.53 billion US dollars in Malaysia and in year 2012, the real GDP grew 5.6%. To achieve the goals of the Economic Transformation Programme, Malaysia’s economy continued to grow in 2012.
Function of Malaysia in Export
Malaysia has an export oriented economy, due to the high quality and reliability, Malaysian products has a good reputation in external trade and it was admiration and respect from importing countries. Malaysia’s total trade in July 2013 amounted to RM118.59 Billion, increased by 5.3% compared with July 2012. The increased in total trade was contributed mainly by higher trade with the People’s Republic of China (PRC) by RM3.06 Billion, the Republic of Korea (ROK) by RM1.07 Billion, and Taiwan by RM1.06 Billion which is reported by the Departments of Statistic Malaysia. Malaysia main exports are electrical and electronics products valued at RM20.82 Billion, with a share of 34.3%; liquefied natural gas valued at RM5.25 Billion, with a share of 8.6%; refined petroleum products valued at RM4.68 Billion, with a share of 7.7%; chemicals and chemical products valued at RM3.97 Billion, with a share of 6.5%; and palm oil
In general, the function of international business is exchange of products, capitals and services from one nation to another nation, in short it is namely as export and import. Global trading gives consumer and countries an opportunity to expose the product and services which cannot derived in their own country. International trade enable a country to participate in global economy and it is also a good chance of Foreign Direct Investment (FDI) which that the individuals invest into foreign companies to raise their income. Malaysia is one of the countries which are participating in the international trade. Malaysia is an open economy which have depends on external trade to achieve its economy growth (Yusoff, 2005). The World Bank Group has reported that the Gross Domestic Product (GDP) is value 303.53 billion US dollars in Malaysia and in year 2012, the real GDP grew 5.6%. To achieve the goals of the Economic Transformation Programme, Malaysia’s economy continued to grow in 2012.
Function of Malaysia in Export
Malaysia has an export oriented economy, due to the high quality and reliability, Malaysian products has a good reputation in external trade and it was admiration and respect from importing countries. Malaysia’s total trade in July 2013 amounted to RM118.59 Billion, increased by 5.3% compared with July 2012. The increased in total trade was contributed mainly by higher trade with the People’s Republic of China (PRC) by RM3.06 Billion, the Republic of Korea (ROK) by RM1.07 Billion, and Taiwan by RM1.06 Billion which is reported by the Departments of Statistic Malaysia. Malaysia main exports are electrical and electronics products valued at RM20.82 Billion, with a share of 34.3%; liquefied natural gas valued at RM5.25 Billion, with a share of 8.6%; refined petroleum products valued at RM4.68 Billion, with a share of 7.7%; chemicals and chemical products valued at RM3.97 Billion, with a share of 6.5%; and palm oil
Bibliography: B.Yusoff, M. (n.d.). Malayisan Bilateral Trade Relations and Economic Growth. Liang Hung Shan, J. A. (1997-2007). Study of The Trade Performance of Malaysia and Major Trading Partners. Malaysia, t. o. (2013). Press Release Malaysia External Trade Statistics July 2013. Department of Statistic, Malaysia.