EİB Sets Its Sights on Malaysia

EIB's Target: Malaysia Turkish exporters, who generated USD 254 billion in foreign exchange for Turkey in 2022, are continuing their 2023 export strategies in line with the Target Markets Strategy and Distant Countries Strategy determined by the Ministry of Commerce. The Aegean Exporters Associations will organize the largest Trade Delegation of 2023 to Malaysia on 12-15 March 2023. With current exports to Malaysia at USD 453 million, the new target is to exceed USD 1 billion. Seeking to diversify export markets due to recession expectations in the European market, the Aegean Exporters Associations, under the coordination of the Ministry of Commerce and in cooperation with the Turkish Exporters Assembly, are taking action to increase exports to Malaysia, which stands at the forefront of countries that will unlock access to the Far East and Southeast Asia where 40 percent of the world's population lives.

Eskinazi: "Our goal is to reduce Turkey's trade deficit with Malaysia"

Aegean Exporters Associations Coordinator Chairman Jak Eskinazi, noting that Malaysia has a strong economy with a foreign trade volume reaching USD 538 billion, stated that against Turkey's exports to Malaysia of USD 453 million in 2022, imports exceeded USD 3.5 billion, and they decided to organize the "Malaysia Trade Delegation" to minimize the trade deficit exceeding USD 3 billion. Noting that the Trade Delegation they will conduct to Kuala Lumpur, Malaysia will be general in nature and open to all sectors, Eskinazi said, "Malaysia's economy is continuously growing, with inflation figures at around 2.5 percent, unemployment at 4 percent, and high purchasing power. It is a market that aligns with our Ministry of Commerce's Target Markets and Distant Countries Strategy. We wish to see our exporters represented strongly in our Malaysia Trade Delegation organization." Reminding that Turkey achieved USD 254 billion in exports in 2022, EIB Coordinator Chairman Jak Eskinazi continued: "The leading sectors in Turkey's exports to Malaysia are iron-steel, jewelry, carpets, machinery, mineral fuels, chemicals, fruits, electrical machinery, and cement and earth products. In exports from the Aegean Region, our food sectors are much stronger in Malaysia exports. Our sectoral diversity in exports is very extensive. We believe that through our work in the Malaysia market, we can reach USD 1 billion in Malaysia exports in the short term."

Aegean exporters increased their exports to Malaysia further

While Turkey's exports to Malaysia reached USD 453 million with an 8 percent increase in 2022, Aegean Exporters Associations members' exports to Malaysia climbed from USD 28 million to USD 36 million with a 26 percent increase. Aegean exporters demonstrated stronger performance in the Malaysia market in 2022. Examining exports from the Aegean Exporters Associations to Malaysia by sector, the Cereals Legumes Oil Seeds sector ranked first with USD 21.5 million in exports, while the Mining sector came in second with USD 2.5 million in performance. The Vehicles sector achieved USD 2.1 million, the dried fruit sector USD 1.7 million, and the fishery products and animal products sector reached USD 1.6 million in exports.