Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
The Department of Statistics Malaysia (DOSM) reported that the manufacturing sector's gross output value surged to RM1.89 trillion in 2022, reflecting a 7.5% annual increase since 2015. This significant growth was primarily driven by the petroleum, chemical, rubber, and plastic products sub-sector, which saw an increase from RM299.1 billion in 2015 to RM579.6 billion in 2022.
Key Takeaways:
Overall Growth:
- Gross output value in the manufacturing sector grew by 7.5% annually to reach RM1.89 trillion in 2022.
- The petroleum, chemical, rubber, and plastic products sub-sector was a major contributor, growing to RM579.6 billion.
Sub-Sector Performance:
- The electrical, electronic, and optical products sub-sector saw a 29.6% share, increasing to RM560.7 billion from RM321.18 billion in 2015.
- These sub-sectors benefited from heightened global demand for medical supplies and electronic devices during the Covid-19 pandemic.
Manufacturing Establishments:
- The number of manufacturing establishments rose to 54,505 in 2022, up from 49,101 in 2015.
- These establishments span 254 industries according to the Malaysian Standard Industrial Classification.
Intermediate Input and Value Added:
- Intermediate input for the sector grew by 7.6% annually to RM1.48 trillion, influenced by higher local producer prices and global increases in crude oil and commodity prices.
- The value added for the sector grew 7.1% annually to RM414.9 billion, led by the petroleum, chemical, rubber, and plastic products sub-sector (33.2% share).
Wages and Salaries:
- Salaries and wages in the sector increased by 5.8% annually to RM97.2 billion, with the average monthly salary being RM3,513 in 2022.
- The highest average salary was in the electrical, electronic, and optical products sub-sector at RM4,361 per month, while the lowest was in the textiles, wearing apparel, and leather products sub-sector at RM2,249 per month.
- Skilled workers received the highest average salaries at RM8,068 per month.
Agro-Based Products Manufacturing:
- In 2022, there were 14,323 establishments involved in agro-based products manufacturing.
- Food-based products accounted for 57.9% (8,296 establishments), while non-food-based products accounted for 42.1% (6,027 establishments).
- Gross output for non-food-based products was RM267.2 billion, making up 73.4% of the total output for the agriculture-based industry.
State Contributions:
- Nearly 70% of the manufacturing sector's gross output was from Selangor (27.3%), Johor (16.7%), Pulau Pinang (16.0%), and Sarawak (9.3%).
- Selangor, Johor, Pulau Pinang, and Sarawak registered annual growth rates higher than the national level, with Pulau Pinang leading at 10.0%.
The report highlights the robust performance of Malaysia's manufacturing sector despite global challenges, with significant contributions from key sub-sectors and regions.
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