GOLD EXPORTS FOR JAN-AUG PERIOD DECLINES TO RM1.69 BLN

GEORGE TOWN, Oct 9  -- Malaysia’s jewellery exports fell to RM1.69 billion for the first eight months of this year from almost RM4.28 billion in the same period last year, the Malaysia External Trade Development Corporation (MATRADE) said.

Exports promotion and market access senior director Abu Bakar Koyakutty said the ongoing global pandemic had caused a lot of disruptions to supply chain networks across industries including the gold jewellery industry.

 “It obviously has not spared the performance of our gold jewellery exports for this year,” he said at the launch of Penang Signature Gold and Jewelery Fair (PSG) 2020 here today.

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The fair was officiated by Toh Puan Noor Suzanna Abdullah and attended by Elite Expo Sdn Bhd chief executive officer Datuk Johnson Lim and Penang Tourism and Creative Economy committee chairman Yeoh Soon Hin.

He said Malaysia was the second largest gold jewellery exporter in Southeast Asia after Singapore with a total export value of RM6.3 billion last year, an increase of 3.8 per cent compared to 2018.

“Major export markets for our gold jewellery include the United Arab Emirates as the largest market, making up nearly a 48 per cent share of our total exports of gold jewellery to the world.

“Singapore represents 34.4 per cent, Hong Kong 5.8 per cent, Japan four per cent and Qatar 2.7 per cent. Collectively, these markets account for almost 95 per cent share of total exports,” he said.

He said Penang contributed 70 per cent of gold jewellery for export while Kuala Lumpur and Johor were among the other contributing states.

Organised by Elite Expo, the fair runs from today until Oct 11 at Setia SPICE Convention Centre, Bayan Baru, Penang. It is an effort to gather together gold industry players and rebuild the nation’s economy that has been hit by the COVID-19 epidemic.

-- BERNAMA