PENANG’S exports surged 96.2% to RM113.2bil in September, accounting for more than half of Malaysia’s total exports for the month, says Chief Minister Chow Kon Yeow.
He said the state’s imports also rose 139% to RM64bil during the same period, highlighting Penang’s important role in international trade and manufacturing.
“Penang has long been a centre for trade, manufacturing, logistics and investment. Today, that role is stronger than ever,” he said.
Chow was speaking at the Penang Importers and Exporters Association’s (PIEA) 81st anniversary dinner and installation of its 46th council at G Hotel today.
He said Malaysia’s exports crossed RM200bil in a single month for the first time in September, reaching RM215.1bil, while exports from January to September grew 34% to RM1.57 trillion.
He said importers and exporters played an important role in supporting the state’s industries by ensuring factories had access to the materials, machinery and components they needed, while connecting locally made products to international markets.
However, he cautioned that global uncertainties, shifting trade policies and disruptions to shipping routes remained challenges for businesses.
“This is why market diversification matters. Malaysia’s free trade agreements continue to open doors for our businesses,” he said.
Chow said trade with Malaysia’s free trade agreement partners rose 53.1% to RM261.7bil in September.
He encouraged PIEA members to make full use of the agreements to reach new buyers and reduce their dependence on any single market.
“Resilience cannot be built in the middle of a crisis. It must be built before one,” he said.
On measures to support businesses, Chow said the National Budget 2027 provided RM1bil in export financing through Bank Pembangunan Malaysia Bhd, while Export-Import Bank of Malaysia (EXIM Bank) would channel more than RM1bil into initiatives to strengthen exporters.
He said the new GoExport Cover would protect exporters against commercial risks when entering new and non-traditional markets, while the Malaysia External Trade Development Corporation (Matrade) received RM60mil to promote Malaysian exports.
Chow also highlighted the Penang Technology Financial Centre (PTFC), which was recognised in Budget 2027, alongside a RM100mil Strategic Investment Fund involving the Federal and State Governments through Khazanah Nasional Bhd and InvestPenang.
He said trade financing and supply chain financing were among the areas PTFC aimed to develop to improve businesses’ access to working capital.
On imports, Chow said Penang hoped to make it easier to bring in specialised laboratory and testing equipment through clearer tax treatment, earlier tariff classification and better coordination between agencies.
“This is a matter we hope the Federal Government will look into. Faster clearance means faster production and faster investment,” he said.
Chow also called on PIEA to work more closely with state agencies, particularly the Penang Development Corporation (PDC) and InvestPenang, to identify challenges faced by businesses and improve coordination.
He said the association’s members could provide valuable feedback on supply chain disruptions, shipping routes, shortages of inputs and procedures that slowed business operations.
“When government agencies and business associations work hand in hand, the whole ecosystem grows stronger. That is the public-private synergy Penang needs,” he said.
Chow also congratulated PIEA president Datuk Kenny Tan Soo Nam and members of the 46th council, urging the new leadership to serve with integrity, deliver results for members and create more opportunities for young entrepreneurs.
He also called on the association to continue its community service efforts.
Chinese Consul-General in Penang Zhou Youbin congratulated PIEA on its 81st anniversary, saying the association had played an important role in supporting trade and commerce, strengthening economic ties and promoting business exchanges over the years.
He said the association continued to bring together business leaders, importers and exporters, providing a platform for them to share experiences, explore opportunities and foster closer cooperation.
Zhou also expressed appreciation for the association’s continued support and for sharing views and experiences on trade, economic development and the Belt and Road Initiative.
Meanwhile, Tan said the association, which was established in 1945, had played an important role in promoting trade and business exchanges and contributing to Penang’s economic development over the past 81 years.
“We aim to become a more inclusive and dynamic association by welcoming more businesses involved in import and export activities,” he said, adding that the association was also committed to embracing artificial intelligence (AI).
The PIEA website was also launched during the event as part of the association’s efforts to embrace digitalisation and improve its services to members.
Among those present were state Trade and National Unity Committee chairman Goh Choon Aik, Seri Delima assemblyman Connie Tan Hooi Peng, Japanese Deputy Consul-General in Penang Hideyuki Yazama, Thai Deputy Consul-General in Penang Suratchaya Palawongse, Indonesian Consulate-General representative Yomi Ayu Lestari, PIEA Youth chief leader David Chew and organising chairman and PIEA Youth deputy leader Eric Goh.
Story by Edmund Lee
Pix by Siew Chia En