US tariffs seen having limited impact on Sarawak
KUCHING: The reciprocal tariffs imposed by the United States have had limited impact on Sarawak's economy, a state official said on Tuesday.
Sarawak Deputy Minister for International Trade, Industry and Investment Datuk Malcolm Mussen Lamoh said the state's exports to the US totalled RM1.2 billion in 2023, contributing just 0.9 per cent to overall exports.
The main export to the US was ferroalloy.
'Sarawak's main exports consist of liquefied natural gas (LNG), petroleum, palm oil and aluminium. These exports amounted to RM102.6 billion in 2023 and contributed 78.4 per cent to Sarawak's total exports.
'Our main export market is Asia, which accounted for 73.4 per cent of overall exports. This new tariff is expected to have minimal direct impact on Sarawak,' he said during the question-and-answer session at the Sarawak State Assembly sitting today.
Mussen was responding to a question from GPS-Engkilili assemblyman Dr Johnichal Rayong, who asked about the impact of the reciprocal tariffs imposed by the US on Sarawak's economy.
According to Mussen, the tariffs have limited impact on the state's economy primarily due to the export destinations of Sarawak's key commodities. LNG is predominantly exported to Japan and China; palm oil is mainly sent to China and India; and petroleum exports are largely concentrated in Peninsular Malaysia, Australia and Thailand.
'As a result, Sarawak's trade flows remain resilient, supported by its trade relations, which are more focused on other countries,' he said.
Meanwhile, Mussen said Sarawak would continue to refine its economic policies by adapting to global trade dynamics, in line with proactive measures taken by the Federal Government to address the impact of the reciprocal tariffs.
He said these measures include strengthening trade partnerships, diversifying export markets, enhancing supply chain resilience, investing in strategic industries, and exploring bilateral trade agreements to safeguard economic stability.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
8 hours ago
- Barnama
Negeri Sembilan To Provide Affordable Homes For Asnaf Families
SEREMBAN, June 23 (Bernama) – The Negeri Sembilan government, through the Negeri Sembilan Islamic Religious Council (MAINS), will soon begin acquiring affordable homes under the Rumah Mawaddah programme to assist eligible asnaf families in financial hardship, particularly those without land ownership. Menteri Besar Datuk Seri Aminuddin Harun said the initial phase will involve the purchase of 13 Type A affordable housing units, each priced at RM110,000. He noted that while MAINS previously constructed three-bedroom, two-bathroom houses on land owned by asnaf at RM100,000 per unit, the new initiative targets those without land by providing completed homes directly. Speaking to reporters after officiating the Zakat and Construction Synergy Seminar here today, Aminuddin said MAINS built 12 Rumah Mawaddah units last year for RM1.2 million, with another four units (RM400,000) currently under development and expected to be completed by June. He added that the state government remains committed to promoting balanced material and spiritual development, aligned with the Malaysia MADANI framework, which emphasises social responsibility, inclusiveness and shared prosperity. 'Business zakat contributed by Muslim contractors not only increases overall zakat collections but also lays the foundation for a sustainable and inclusive development ecosystem, ultimately benefiting the poor and underprivileged,' he said. MAINS Chairman Datuk Seri Dr Abdul Aziz Sheikh Ab Kadir, who was also present, announced the launch of the EZp Zakat Business Assessment Declaration, an online platform designed to streamline submission, verification and transparency for corporate zakat assessments. 'This declaration will serve as the official document for business zakat contributions based on accurate calculations. I believe this initiative will drive greater awareness and compliance among Muslim-owned companies, further strengthening the ummah's economic ecosystem in line with Maqasid Shariah principles,' he said. -- BERNAMA
Malay Mail
12 hours ago
- Malay Mail
Chow Kon Yeow presses federal government to implement SST revenue sharing with states, including Penang
GEORGE TOWN, June 23 — Penang chief minister Chow Kon Yeow has reiterated his call to Putrajaya to consider the state's request for the federal government to share the taxes collected from the state. He said it is time that the federal government seriously consider the state government's request instead of pushing it aside. 'I took the lead last year by asking for a 20 per cent share of the taxes collected from our state but it was not approved and not taken up,' he said in a press conference at his office today. He said he is glad that the state-federal relations select committee chairman Gooi Hsiao Leung highlighted this issue and proposed that the federal government implement SST revenue sharing with states with the revision and expansion of the scope of the tax. Chow said he will try to work with other menteris besar and chief ministers to look into this tax sharing issue seriously and bring it up with the federal government together. 'He said the state welcomes the federal approval for allocations for infrastructure projects, but it also requires funding to implement other state-related projects.' 'We also need to implement social welfare programmes that require funds,' he said. He said the federal government should try to understand that every state face constraints in terms of getting sufficient revenue to run a state. 'If we cannot get a 20 per cent share, why don't we start with 10 per cent? If 20 per cent is a burden, we can understand the federal government's position as well,' he said. He reminded the federal government that the state is not run in isolation but also in the context of contributing to Malaysia as a whole. 'My earlier announcement of being the state to contribute the second highest investment to the country is proof,' he said. He said every state contributes investment to the country and to the national economy so it is time for federal to acknowledge each state's contribution. In his statement on SST revenue sharing earlier this month, Gooi said Penang has limited revenue powers due to the country's current fiscal framework. He said Penang remains highly dependent on ad-hoc federal grants. Gooi had urged the federal government to disclose the SST collection by state, implement SST revenue sharing and establish a federal-state fiscal commission.
Malay Mail
12 hours ago
- Malay Mail
Chow Kon Yeow presses for federal government to implement SST revenue sharing with states, including Penang
GEORGE TOWN, June 23 — Penang chief minister Chow Kon Yeow has reiterated his call to Putrajaya to consider the state's request for the federal government to share the taxes collected from the state. He said it is time that the federal government seriously consider the state government's request instead of pushing it aside. 'I took the lead last year by asking for a 20 per cent share of the taxes collected from our state but it was not approved and not taken up,' he said in a press conference at his office today. He said he is glad that the state-federal relations select committee chairman Gooi Hsiao Leung highlighted this issue and proposed that the federal government implement SST revenue sharing with states with the revision and expansion of the scope of the tax. Chow said he will try to work with other menteris besar and chief ministers to look into this tax sharing issue seriously and bring it up with the federal government together. 'He said the state welcomes the federal approval for allocations for infrastructure projects, but it also requires funding to implement other state-related projects.' 'We also need to implement social welfare programmes that require funds,' he said. He said the federal government should try to understand that every state face constraints in terms of getting sufficient revenue to run a state. 'If we cannot get a 20 per cent share, why don't we start with 10 per cent? If 20 per cent is a burden, we can understand the federal government's position as well,' he said. He reminded the federal government that the state is not run in isolation but also in the context of contributing to Malaysia as a whole. 'My earlier announcement of being the state to contribute the second highest investment to the country is proof,' he said. He said every state contributes investment to the country and to the national economy so it is time for federal to acknowledge each state's contribution. In his statement on SST revenue sharing earlier this month, Gooi said Penang has limited revenue powers due to the country's current fiscal framework. He said Penang remains highly dependent on ad-hoc federal grants. Gooi had urged the federal government to disclose the SST collection by state, implement SST revenue sharing and establish a federal-state fiscal commission.
