An Australia-Malaysia Free Trade Agreement: Australian Scoping Study a report coordinated by the Australian Department of Foreign Affairs and Trade February 2005
Table 2.3.1 Australia’s Merchandise Imports from Malaysia by Major Category ($ million)
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- All merch. Imports 1,103.2 1,420.9
- 2,844.6 3,765.4 4,176.6
- Table 2.3.2 Australia’s Top Ten Primary Imports from Malaysia ($ million)
- Table 2.3.3 Australia’s Top Ten Manufactured Imports from Malaysia ($ million)
- Table 2.3.4 Australia’s Services Imports from Malaysia ($ million)
- TOTAL 744 774
- Chart 2.4.1 Composition of Australian Investment in Malaysia
Table 2.3.1 Australia’s Merchandise Imports from Malaysia by Major Category ($ million)
Source: DFAT STARS database. * STMs are simply transformed manufactures and ETMs are elaborately transformed manufactures. As shown in Table 2.3.1, Australia’s imports of primary products from Malaysia grew from $332 million in 1993-94 to $1.5 billion in 2003-04, an increase of over 460 per cent. While imports of processed foods have increased over this period, the growth in primary imports has been largely driven by imports of fuel, which grew from just $41.6 million in 1993-94 to over $1.2 billion in 2003-04. Imports of manufactured goods have also increased significantly over the last ten years, from $752 million in 1993-94 to over $3 billion in 2003-04. This growth has been driven by imports of both elaborately and simply transformed manufactures. Elaborately transformed manufactures, such as computers, electrical goods and telephony equipment were worth almost $2.8 billion in 2003-04, an increase of over 420 per cent in the last 10 years. Imports of simply transformed manufactures, such as plastics and rubber, also grew steadily from $89 million in 1993-94 to over $240 million in 2003-04. Australia’s top ten imports from Malaysia of primary and manufactured goods are shown below in Tables 2.3.2 and 2.3.3. While growth in imports of primary products over the last ten years has been largely driven by imports of crude and non-crude oil, imports of other primary goods have also experienced strong growth. Palm oil for instance, while down from its peak in 1998-99, is still almost 40 per cent up from its level in 1993-94. Over the last ten years, imports from Malaysia of manufactured goods have grown very strongly across a broad range of products. Import growth for computers, electrical apparatus, seats and furniture in these products since 1993-94 has been impressive, with computers being up almost 2000 per cent. Imports of electronic circuits and radios have fallen from their peaks in 1997-98 and 2000-01 respectively. However, imports of electrical circuits were valued at $287 million in 2003-04, up from $42.3 million from 1993-94, and imports of radios were worth $132 million in 2003-04, up from $74 million in 1993-94. Table 2.3.2 Australia’s Top Ten Primary Imports from Malaysia ($ million)
Source: DFAT STARS database. Table 2.3.3 Australia’s Top Ten Manufactured Imports from Malaysia ($ million)
Source: DFAT STARS database. Australia’s Services Imports from Malaysia Australia’s services imports from Malaysia were valued at $688 million in 2003-04, down from $918 million in 2000-01. Services imports from Malaysia account for 2.1 per cent of Australia’s total service imports. Australia’s services imports from Malaysia are mainly in the form of transportation services (51 per cent) and travel services (44 per cent). Travel service imports are largely divided between business and ‘other’ travel (education-related travel imports were $15 million in 2003-04). Most of the decline in services imports from Malaysia since 2000 has been in transport services (see Table 2.3.4). Malaysia remains a significant, but not a leading destination for Australian travellers – around 126,000 Australians visited Malaysia in 2003-04, according to Australian data. By comparison, in 2003-04, 271,000 visited Indonesia, 154,000 Thailand, and 149,000 Singapore.6 However, Malaysian data suggest a much higher figure of around 145,000 Australian tourist arrivals in 2003. Past Malaysian data has recorded Australian tourist arrivals as much higher. This discrepancy can largely be explained by the fact that many Australians who visit Malaysia as part of a stopover or short stay en-route to a third country, are likely to list a country other than Malaysia as their destination on Australian travel documents. Table 2.3.4 Australia’s Services Imports from Malaysia ($ million)
Source: DFAT STARS database. 2.4 Investment Links Australian Investment in Malaysia Australian investment in Malaysia has declined over the last ten years. From a peak of almost $1.6 billion at mid-1996, Australian investment in Malaysia at 31 December 2003 was worth $485 million, of which $263 million constituted foreign direct investment. Malaysia currently ranks 28th as a recipient of Australian foreign investment and 15th as a destination for Australian foreign direct investment. Between mid-1994 and mid -1996, total Australian investment in Malaysia grew by almost 20 per cent, from approximately $1.3 billion to almost $1.6 billion (Chart 2.4.1). Australian foreign direct investment also grew by similar proportions. However, between mid-1997 and mid-1998, Australia’s stock of foreign investment in Malaysia fell some fifty per cent to $803 million, reflecting disinvestment by Australian companies caused by the East Asian financial crisis. Foreign direct investment (FDI) stocks declined by 40 per cent. There was a rebound in the year ending 30 June 1999, possibly as a result of the depreciation of the Malaysian ringgit, but there were further falls in subsequent years. Investment levels have steadied at almost $500 million since 2002. Australian investment in Malaysia represents only 0.1 per cent of Australian investment abroad and 0.2 per cent of Australian foreign direct investment. It is also low when compared with Australian investment in the other ASEAN countries. At the end of 2003, Australian investment stocks in ASEAN were worth $16.3 billion. Of this amount, nearly $11.9 billion was invested in Singapore, twenty five times the amount of investment in Malaysia, while over $2.1 billion was invested in Indonesia. Part of this investment reflects Singapore’s role in the region as a financial centre and as an entrepot – a place of transit for goods on their way to countries like Malaysia. Chart 2.4.1 Composition of Australian Investment in Malaysia  Source: DFAT STARS database.
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