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As one of three countries that control the Strait of Malacca, international trade plays a large role in its economy. Manufacturing has a large influence in the country’s economy. As a result, Malaysia was hard hit by the global economic downturn and the slump in the information technology (IT) sector in 2001 and 2002.The economy remains dependent on continued growth in the US, China, and Japan, top export destinations and key sources of foreign investment.
Eventually, Malaysia developed into the world’s largest producer of tin, rubber, and palm oil. And these three commodities, together with other raw materials, established the country’s economic tempo in the mid-20th century. In place of local Malays, the British brought in Chinese and Indians as labors to work on the mines and plantations. Moving towards independence, the Malaysian Government started economic five-year plans and initiated with the First Malayan Five Year Plan in 1955. Major facts:
Exports : $156.4 billion Export goods electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals
Main export partners Singapore 13.9%, China 12.2%, United States 10.9%, Japan 9.8%, Thailand5.4%, Hong Kong 5.2% (2009 est.)
Imports : $119.5 billion Import goods electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals
Main import partners China 13.9%, Japan 12.5%, Singapore11.1%, Thailand 6%, Indonesia 5.3%, South Korea 4.6%, Tawian4.2%,Germany 4.2%
Main Industries Peninsular Malaysia rubber and palm oil processing and manufacturing, light manufacturing industry, electronics, tin mining and smelting, logging and processing timber
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