ECONOMIC RECOVERY AT THE APEC ECONOMIC LEADERS’

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Weekly

Weekly BULLETIN BULLETIN

VOLUME 663 VOLUME 663

9 November 2021 | NO. ISSN :2180-0448 9 November 2021 | NO. ISSN :2180-0448

MALAYSIA CALLS FOR STRONGER COLLABORATIVE MALAYSIA CALLS FOR STRONGER COLLABORATIVE EFFORTS TOWARDS INCLUSIVE AND SUSTAINABLE EFFORTS TOWARDS INCLUSIVE AND SUSTAINABLE ECONOMIC RECOVERY AT THE APEC ECONOMIC LEADERS’

ECONOMIC RECOVERY AT THE APEC ECONOMIC LEADERS’

WEEK (AELW) 2021 WEEK (AELW) 2021

The Malaysian delegation scheduled to attend the virtual APEC Economic Leaders’ Week (AELW) 2021, which starts from 8th to 12th November 2021, will call for stronger collaborative efforts among APEC economies in espousing sustainable and inclusive recovery, to ensure a future-ready region.

As the spotlight of post-recovery efforts tends to concentrate on the economic and health forefront, Malaysia will also share her views on the importance expediting the adoption of digitalisation, innovation and sustainability to create more opportunities for the APEC community.

With economic recovery efforts as the overarching theme for APEC this year, this call to action is key for the region to realise the aspiration of achieving an inclusive, sustainable, and prosperous region for all, underscoring Putrajaya Vision 2040 on shared prosperity that was adopted last year.

With the view to accelerate regional recovery, Malaysia will be emphasising our unwavering commitment and solidarity to rebuild the region with vigorous and unrelenting efforts in pursuing economic recovery and safeguarding the public health of our people.

This year’s AELW will be the second virtual AELW after Malaysia’s successful APEC chairmanship last year. The AELW serves as a declamatory avenue for APEC Ministers to exchange their views and perspectives on the current and future topics in APEC while steering the APEC Senior Officials to continue working towards the betterment of the region - socially and economically.

The AELW will commence with the convening of the APEC Ministerial Meeting (AMM). YB Dato’ Seri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry, together with YB Dato' Kamarudin Jaffar, Deputy Minister of Foreign Affairs will jointly head the Malaysian delegation at the AMM, which will consist of two sessions. In these sessions, Ministers are scheduled to deliberate on how best trade could accelerate economic recovery as well as best efforts towards attaining economic and technical cooperation for a sustainable future.

New Zealand as the Chair of APEC this year, will be organising the 2-day virtual AMM for Ministers to undertake deeper deliberation on these topics. The AMM will be co- chaired by The Honourable Damien O’Connor, Minister for Trade and Export Growth and The Honourable Nanaia Mahuta, Minister of Foreign Affairs.

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The AMM will also feature experts and prominent speakers including Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), Prime Minister of the Republic of Fiji, Frank Bainimarama, Chair of the Pacific Islands Forum (PIF), and Ms. Patricia Espinosa, Executive-Secretary of the United Nations Framework Convention on Climate Change (UNFCCC). The speakers will be providing their perspectives and insights on the state of play in their respective organisations with regard to economic recovery in the region while providing guidance to APEC economies in the related fields.

With the participation of APEC Trade Ministers and Foreign Ministers across eight time zones, the AMM will be set as a preceding meeting to the pinnacle APEC meeting of the year, APEC Economic Leaders’ Meeting (AELM), scheduled on 12th November 2021. Prime Minister, the Honourable Dato’ Sri Ismail Sabri bin Yaakob will be leading Malaysia at the AELM.

At the end of the AMM, the Ministers are expected to adopt the 32nd APEC Ministerial Meeting Joint Ministerial Statement 2021 that will pave the way for regional recovery efforts in line with the priorities set by New Zealand as the APEC host for 2021 with the overarching theme of recovery via agile and robust economic and trade policies, increasing inclusion and sustainability, and enhancing innovation and digitalisation.

MALAYSIA CALLS FOR STRONGER COLLABORATIVE MALAYSIA CALLS FOR STRONGER COLLABORATIVE EFFORTS TOWARDS INCLUSIVE AND SUSTAINABLE EFFORTS TOWARDS INCLUSIVE AND SUSTAINABLE ECONOMIC RECOVERY AT THE APEC ECONOMIC LEADERS’

ECONOMIC RECOVERY AT THE APEC ECONOMIC LEADERS’

WEEK (AELW) 2021 WEEK (AELW) 2021

MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY (MITI) 8 NOVEMBER 2021

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Mala ysia Sta tistics

Malaysia’s Manufacturing sales in September 2021 stood at RM135.3 billion, grew 11.6 per cent as compared to RM121.2 billion reported a year ago (Chart 1). On month-on-month growth, the sales value went up by 6.9 per cent (RM8.8 billion) while in a seasonally adjusted terms, the sales value increased by 6.3 per cent. The year-on-year increase in September 2021 was driven by Petroleum, Chemical, Rubber & Plastic Products (29.2%), Food, Beverages & Tobacco Products (12.0%) and Electrical & Electronics Products (10.8%).

MONTHLY MANUFACTURING, SEP 2021

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INDUSTRIAL PRODUCTION INDEX (IPI), SEP 2021

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LABOUR FORCE, Q3 2021

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Mala ysia Sta tistics

LABOUR FORCE, SEPTEMBER 2021

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SERVICES PRODUCER PRICE INDEX (SPPI), Q3 2021

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The export volume index soared by 16.2 per cent in September 2021, in line with the rise in Malaysia’s export value as compared with the previous month. The increment was reflected by the increases in the index of animal & vegetable oils & fats (+32.9%), manufactured goods (+29.2%) and machinery & transport equipment (+19.2%).

The import volume index grew 14.7 per cent in September 2021 as compared to the previous month. The upward trend in the import volume index was in accordance with the increase in Malaysia’s import value, attributed to the growths in the index of mineral fuels (+36.9%), inedible crude materials (+24.3%) and machinery & transport equipment (+13.3%).

EXTERNAL TRADE INDICES, SEPTEMBER 2021

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Source: https://www.trademap.org/index.aspx

Interna tional Mer chandise T rade

In 2020, Malaysia’s export of World largest exporter of Copper powders, of lamellar structure, and flakes of copper (excluding grains of copper and spangles of heading 8308) recorded US$ 496.8 million which was 87.2% share of the world exports.

1 2 3 4 5

Malaysia US$ 496.8m

87.2%

Germany US$ 37.8m

6.3%

Japan US$ 7.2m

1.2%

Israel US$ 12.0m

2.0%

Belgium US$ 6.0m

1.0%

Notes:

-*HS740620

-% refer to share in world exports

WORLD LARGEST EXPORTERS OF COPPER POWDERS, OF LAMELLAR STRUCTURE, AND FLAKES OF COPPER (EXCLUDING GRAINS OF COPPER

AND SPANGLES OF HEADING 8308)

MALAYSIA’S TOP EXPORT DESTINATIONS MALAYSIA’S TOP EXPORT DESTINATIONS

4 2 China P.R. 1 3 5

Japan R.O.Korea

India Chinese

Taipei

US$

379.78m

US$ 37.17m

US$ 34.53m US$ 12.11m

US$ 11.17m

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Interna tional R e por t

Source: SDG Report 2021, UNIDO

SDG GOALS REPORT, 2021

SDG GOALS REPORT, 2021 (Goal 13) (Goal 13)

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Interna tional R e por t

Source: SDG Report 2021, UNIDO

SDG GOALS REPORT, 2021

SDG GOALS REPORT, 2021 (Goal 14) (Goal 14)

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Number and FOB Value of PCO as at 31 October 2021 Weekly / Monthly/ Annually

0 2,000 4,000 6,000 8,000 10,000 12,000

8 Aug 15 Aug 22 Aug 29 Aug 5 Sep 12 Sep 19 Sep 26 Sep 3 Oct 10 Oct 17 Oct 24 Oct 31 Oct 2021

No. of Certificate of Origin

Total CO by Scheme

AANZFTA AIFTA AJCEP ATIGA ACFTA AKFTA MICECA MNZFTA

MCFTA MAFTA MJEPA MPCEPA GSP MTFTA AHKFTA

0 2,000 4,000 6,000 8,000 10,000 12,000

33 34 35 36 37 38 39 40 41 42 43 44

2021 Total No of CO

TOTAL BILATERAL TOTAL REGIONAL

Weekly

Annually Monthly

Note: *Provisional Data Source: Ministry of International Trade and Industry, Malaysia

Weekly Total Scheme

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000

Total No of CO

TOTAL BILATERAL TOTAL REGIONAL 0

10,000 20,000 30,000 40,000 50,000 60,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

2020 2021

Total No of CO

TOTAL BILATERAL TOTAL REGIONAL

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Regional FTA

Number of Preferential Certificates of Origin (PCOs) as at 31 October 2021

0 5 10 15 20 25 30 35 40 45

15 Aug 22 Aug 29 Aug 5 Sep 12 Sep 19 Sep 26 Sep 3 Oct 10 Oct 17 Oct 24 Oct 31 Oct

2021

Generalised System of Preferences (GSP)

Note: The preference giving countries under the GSP scheme are Liechtenstein, the Russian Federation, Japan, Switzerland, Belarus, Kazakhstan, Norway and Cambodia

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

2021

ASEAN Trade in Goods Agreement (ATIGA)

0 500 1,000 1,500 2,000 2,500 3,000

2021

ASEAN-China Free Trade Agreement (ACFTA)

0 100 200 300 400 500 600 700 800 900

2021

ASEAN-Korea Free Trade Agreement (AKFTA)

0 50 100 150 200 250 300 350

2021

ASEAN-Japan Comprehensive Economic Partnership (AJCEP)

0 100 200 300 400 500 600 700 800 900

2021

ASEAN-India Free Trade Agreement (AIFTA)

0 200 400 600 800 1,000 1,200

2021

ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA)

0 1 2 3 4 5 6 7 8

2021

ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA)

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Bilateral FTA

Number of Preferential Certificates of Origin (PCOs) as at 31 October 2021

0 100 200 300 400 500 600 700 800 900 1,000

2021

Malaysia-Japan Economic Partnership Agreement (MJEPA)

0 20 40 60 80 100 120 140 160 180 200

2021

Malaysia-Pakistan Closer Economic Partnership Agreement (MPCEPA)

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50

2021

Malaysia-New Zealand Free Trade Agreement (MNZFTA)

0 10 20 30 40 50 60 70

2021

Malaysia-Chile Free Trade Agreement (MCFTA)

0 50 100 150 200 250 300 350

2021

Malaysia-India Comprehensive Economic Cooperation Agreement (MICECA)

0 50 100 150 200 250 300 350 400

2021

Malaysia-Australia Free Trade Agreement (MAFTA)

0 50 100 150 200 250 300 350

2021

Malaysia-Turkey Free Trade Agreement (MTFTA)

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Malaysian Ringgit Exchange Rate with Selected Countries, January 2020 - October 2021

Source : Bank Negara Malaysia

US Dollar

Euro

South Korean Won

Pound Sterling

Australian Dollar

Brunei Dollar

4.0797 4.3553

4.0369

4.1634

4.01 4.06 4.11 4.16 4.21 4.26 4.31 4.36 4.41

2020 2021

RM

USD 1 = RM

4.5321

5.0103

4.8300

4.50 4.60 4.70 4.80 4.90 5.00 5.10

2020 2021

RM

EUR 1 = RM

0.3499 0.3484

0.3709

0.3522

0.34 0.34 0.35 0.35 0.36 0.36 0.37 0.37 0.38

2020 2021

RM

KRW 100 = RM

5.3343 5.3174

5.8274 5.6959

5.00 5.10 5.20 5.30 5.40 5.50 5.60 5.70 5.80 5.90

2020 2021

RM

GBP 1 = RM

2.8027

2.6729

3.2033

3.0784

2.50 2.60 2.70 2.80 2.90 3.00 3.10 3.20 3.30

2020 2021

RM

AUD 1 = RM

3.0204

2.9959

3.1149

3.0810

2.97 2.99 3.01 3.03 3.05 3.07 3.09 3.11 3.13

2020 2021

RM

BND 1 = RM

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36.3%*

US$148.3

1.3%*

US$1,284.5

5.7%*

US$1,684.0

SUGAR -per lbs-

3.5%*

US$19.9

Commodity Prices

Sources: Ministry of International Trade and Industry Malaysia, Malaysian Palm Oil Board, Malaysian Rubber Board, Malaysian Cocoa Board, Malaysian Iron and Steel Industry Federation, and Bloomberg.

Notes: All figures have been rounded to the nearest decimal point * Refer to % change from the previous week’s price i Average price in the year except otherwise indicated

%*

US$500.0 (low) US$508.0

%*

(high)

5 Nov 2021 7.8%*

US$1,424.5 RUBBER SMR 20 -per MT- COCOA SMC 2 -per MT-

COAL -per MT- SCRAP IRON HMS -per MT-

Average Price 2020 ⁱ: US$1,333.4 Average Price 2020 ⁱ: US$1,576.6 Average Price 2020 ⁱ: US¢12.9

Average Price 2020 ⁱ: US$307.9 (high) Average Price 2020 ⁱ: US$284.7 (low) Average Price 2020 ⁱ: US$47.7

Domestic Prices

5 Nov 2021

Steel Bars

(per MT)

RM3,150 – RM3,300

Billets

(per MT) RM2,750- RM2,900

5 Nov 2021 5 Nov 2021 5 Nov 2021

5 Nov 2021

1.9%*

US$82.7

CRUDE PETROLEUM (BRENT) -per bbl-

5 Nov 2021

CRUDE PALM OIL -per MT-

5 Nov 2021

03 Jan 2020 : US$68.6

Highest

2020/2021

22 Oct 2021 : US$85.5

15 Jan 2021 : US$55.1 24 Apr 2020 : US$21.4

Lowest 2020/2021

24 Dec 2020 : US$944.2

Highest

2020/2021

29 Oct 2021 : US$1,302.0

18 Jun 2021 : US$844.6 8 May 2020 : US$473.0

Lowest 2020/2021 Average Price 2020 ⁱ: US$43.5 Average Price 2020ⁱ: US$668.3

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Commodity Price Trends

Sources: Ministry of International Trade and Industry Malaysia, Malaysian Palm Oil Board, Malaysian Rubber Board, Malaysian Cocoa Board, Malaysian Pepper Board, Bloomberg and Czarnikow Group, World Bank, World Gold Council, The Wall Street Journal.

1,610.41,621.4

1,643.4 1,648.0 1,636.71,638.4

1,666.9 1,661.9 1,636.0

1,574.7 1,544.4

1,424.5 1,400

1,450 1,500 1,550 1,600 1,650 1,700

20 Aug 27 Aug 3 Sep 10 Sep 17 Sep 24 Sep 1 Oct 8 Oct 15 Oct 22 Oct 29 Oct 5 Nov 2021

US$/mt

Cocoa

1,740.5

1,645.5 1,635.5

1,611.0 1,662.0

1,599.5 1,674.5

1,732.5

1,744.5 1,744.0 1,785.0

1,684.0

1,550 1,600 1,650 1,700 1,750 1,800

US$/mt

Rubber SMR 20

62.3

68.7 69.3 69.7 72.0

74.0 75.9

79.4

82.3 83.8 83.6 81.3

65.2

72.7 72.6 72.9 75.3

78.1 79.3

82.4

84.9 85.5 84.4

82.7

60.0 65.0 70.0 75.0 80.0 85.0

US$/bbl

Crude Petroleum

Crude Petroleum (WTI)/bbl Crude Petroleum (Brent)/bbl 19.6

20.0

19.6

19.5

19.9 19.9 20.1

20.3

19.8

19.1 19.3

19.9

19.0 19.2 19.4 19.6 19.8 20.0 20.2 20.4

US¢/lbs

Sugar

1,058.5

1,090.8 1,091.71,098.4 1,082.5

1,112.7 1,137.5

1,200.6

1,232.9 1,233.1 1,302.0

1,284.5

1,050 1,100 1,150 1,200 1,250 1,300 1,350

US$/mt

Crude Palm Oil

4,660

4,823 4,906 4,919 4,886 4,873 4,827

4,611

4,403

4,138

3,733 3,614 3,600.0

3,800.0 4,000.0 4,200.0 4,400.0 4,600.0 4,800.0 5,000.0

US$/mt

Pepper

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23.1 24.1

24.8

23.9

22.3 22.4 22.5 22.7 23.3

24.4

23.9 24.2

22.0 22.5 23.0 23.5 24.0 24.5 25.0

US$/oz

Silver

57.2 57.8

58.6

57.7

56.5 56.2

56.5 57.0 57.0

58.1

56.9 57.9

55.0 55.5 56.0 56.5 57.0 57.5 58.0 58.5 59.0

US$/g

Gold

Sources: Ministry of International Trade and Industry Malaysia, , Malaysian Iron and Steel Industry Federation, Bloomberg and Czarnikow Group, World Bank, World Gold Council, The Wall Street Journal.

1,726 1,775 1,771 1,773 1,688 1,611 1,460 1,466 1,569 1,644 1,737 1,744 1,806 1,935 2,015 2,004 2,079 2,190 2,319 2,434 2,447 2,498 2,603 2,835 2,934

1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

2019 2020 2021

US$/ tonne

Aluminium

5,757 5,860 6,077 6,031 5,688 5,183 5,058 5,240 5,755 6,372 6,499 6,705 6,714 7,069 7,772 7,972 8,471 8,988 9,325 10,162 9,632 9,451 9,370 9,325 9,829

4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000

2019 2020 2021

US$/ tonne

Copper

17,046 15,172 13,829 13,507 12,716 11,846 11,804 12,

180 12,

727 13,402 14,538 14,857 15,239 15,808 16,823 17,

863 18,

584 16,407 16,521 17,577 17,980 18,819 19,141 19,377 19,362

7,000 9,000 11,000 13,000 15,000 17,000 19,000 21,000

2019 2020 2021

US$/ tonne

Nickel

Commodity Price Trends

88.53 84.98 92.65 95.76 87.68 88.99 84.73 93.

65 103.

30 108.52 121.07 123.75 119.78 124.36 155.43 169.63 163.80 168.18 179.83 207.72 214.43 214.14 162.16124.52 122.91

50.0 70.0 90.0 110.0 130.0 150.0 170.0 190.0 210.0 230.0

2019 2020 2021

US$/dmtu

Iron Ore

994.2 1,006.5

1,021.6

956.5 930.6

979.9 973.6

1,028.2 1,058.9

1,052.1

1,020.7 1,035.8

900.0 920.0 940.0 960.0 980.0 1,000.0 1,020.0 1,040.0 1,060.0 1,080.0 1,100.0

US$/oz

Platinum

450.0

475.0 475.0 473.0

465.0 465.0468.0 480.0

500.0

508.0 508.0 508.0

450.0 445.0

440.0 433.0 435.0

429.0 435.0

450.0 482.0

500.0 500.0 500.0

420.0 430.0 440.0 450.0 460.0 470.0 480.0 490.0 500.0 510.0 520.0

US$/mt

Scrap Iron Scrap Iron/MT (High) Scrap Iron/MT(Low)

144.5 149.0

165.2170.9 168.5 171.4 233.1

230.0 240.1

231.3 232.7

148.3

120.0 140.0 160.0 180.0 200.0 220.0 240.0

US$/t

Coal

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