KUCHING: The economy of Sarawak is projected to grow at five per cent for 2019, the Sarawak Legislative Assembly was told yesterday.
Second Finance Minister Datuk Seri Wong Soon Koh said the projected growth for next year is mainly supported by higher injection in public investment attributed to the implementation of major infrastructure projects such rural transformation initiatives, road network, and water and electricity supply.
“For this year, our state economy is expected to grow at 4.6 per cent, supported by stronger growth in the services sector,” he said when winding up the debate for his ministry on the Supply Bill 2019.
In addition, he said, several other infrastructure projects by the Regional Corridor Development Authority, (Recoda) to be implemented under three development agencies, as well as the ongoing Pan Borneo Highway project would also support growth.
The three development agencies are the Highland Development Agency (HAD), Upper Rajang Development Agency (NRDA) and Northern Region Development Agency (NRDA).
On Sarawak’s trade performance, Wong said for the first nine months of 2018, the state’s total trade expanded by 1.1 per cent to RM102.6 billion compared to the same period in 2017 which was RM101.5 billion.
Exports decreased by 2.9 per cent from RM71.7 billion to RM69.6 billion while imports grew at 10.9 percent from RM29.8 billion to RM33.0 billion.
“Despite a decline in exports, Sarawak still maintains a large trade surplus of RM36.6 billion,” he said.
Export receipts from LNG remained the biggest contributor at 39.6 per cent, followed by crude petroleum at 12.3 per cent and palm oil at 9.5 per cent, he said.
“Our major export partners also remain the same, namely Japan (25.8 per cent), Peninsular Malaysia (15.7 per cent) and China (11.3 per cent). These three markets contributed 52.8 per cent to the total export value.
“Our main import items are still machinery and transport equipment (32.0 per cent), followed by chemical products (15.3 per cent) and manufactured goods (13.7 per cent). The higher importation of machinery and transport equipment is for the construction of many major infrastructure developments in the state,” he said.
