The government will do whatever it can to help local businesses weather the impact of unprecedented rise in the prices of crude oil and raw materials, Minister of International Trade and Industry Muhyiddin Yassin said.

umno selangor najib muhyiddin event anti pak lah banners 160408 04 Muhyiddin was quoted by Bernama as saying that although these problems were caused by external factors, the government would try to ensure that businesses survived the challenges.

The minister also called on Malaysian exporters to keep abreast of the latest market requirements abroad and make the necessary adjustments.

"Exporters are also facing challenges from lower-cost producing countries, such as China, India, Vietnam and even Eastern Europe, leading to greater competition for Malaysia's exports," he said. "Hence, the exporting community must invest in technology and know-how to enhance their productivity and competitiveness."

RM1 trillion again

But despite the current sluggishness in the global economy, Muhyiddin said Malaysia's total trade has continued to grow.

Total trade surpassed the RM1 trillion mark for the past two consecutive years and for the first half of this year, trade grew by 12.2 percent boosted by both traditional and emerging markets, he added.

"Barring any downturn in the second half of this year, Malaysia's total trade for this year is again expected to exceed RM1 trillion," the minister said.

Double digit growth was recorded for exports to new and non-traditional markets, including China, India, Brazil, Iran, United Arab Emirates, Pakistan, South Africa, Russia, Mexico, Turkey and Vietnam.