KUALA LUMPUR: Malaysia's trade with the Latin American region could easily reach USD10 billion this year, which would register the first-ever double digit growth annually between the two economies.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said USD5.4 billion in trade was registered for the first five months and this would continue to increase for the rest of the year.
"The figure so far is encouraging. This year could be better in terms of trade with the region. Last year, the figure was USD7.9 billion. We could easily reach USD10 billion this year," he told a press conference here today.
In 2016, Malaysia's exports to Latin America registered growth of 10.2 per cent to RM15.3 billion.
The region accounted for a higher share of Malaysia's total exports at two per cent last year compared with 1.8 per cent in 2015.
Notably, Mexico, Brazil, Argentina, Chile and Peru remained as Malaysia's top five export destinations in the region.