Qatar-Malaysia trade hit record high in 2022: envoy

The trade volume between Qatar and Malaysia reached a record high in 2022, exceeding $1bn, mainly attributed to the country’s successful hosting of the FIFA World Cup, Malaysian ambassador Zamshari Shaharan said.Speaking to reporters Monday, the envoy noted the surge in trade was driven by increased demand for various Malaysian products, particularly food items such as palm oil, as well as electrical and electronic products, processed food, machinery, and petroleum products."Due to the organisation of the World Cup in Qatar, we have seen a significant increase, of course, because of Covid-19 (pandemic), it went down and it reached a certain level. But what important is to note that last year (2022), it (total trade volume) reached (over) $1bn, that is a record even for us,” he said.Based on figures given by the Malaysian embassy, the total trade volume in 2022 marked a remarkable 79.5% growth compared to the previous year.Apart from palm oil, Malaysian exports to Qatar include palm oil-based agriculture products ($49.7mn); electrical and electronic products ($48.9mn); processed food ($32.7mn); machinery, equipment and parts ($32.5mn); and petroleum products ($31.8mn).Major Malaysian imports from Qatar, on the other hand, include crude petroleum ($353mn); chemicals and chemical products ($187.7mn); petroleum products ($155.8mn); manufactures of metal ($39.8mn, mainly aluminium); other vegetable oil ($3.3mn).While total bilateral trade between Qatar and Malaysia witnessed a substantial increase in 2022, embassy figures noted that exports saw a slight decrease of 1.2% to $0.33bn, while imports surged by 184.9% to $0.75bn.This resulted in Malaysia registering a trade deficit of $0.42bn with Qatar in 2022.The envoy noted that a significant partnership was formed between Qatari dairy producer Baladna and Malaysian companies FGV Holdings Berhad and Touch Group Holdings Sdn Bhd. This joint venture aims to develop an integrated dairy farming business in Malaysia. It is expected to be commercially operational by 2025, capable of producing 100mn litres of fresh milk per year within the first three years, and eventually reaching 300mn litres.According to ambassador Shaharan, Malaysia offers several sectors where collaboration with Qatar could be mutually beneficial.These include food security and hospitality, leveraging the excellent connectivity between Doha and Kuala Lumpur."May be hospitality is another that we can offer in Malaysia, given the good connectivity between Doha and Kuala Lumpur,” he said, adding there are currently three daily flights between Doha and Kuala Lumpur.