Afzanizam: In light of the recent appreciation, there could be a possibility that the ringgit might experience some correction on profit-taking activities.
The associate professor with Universiti Kuala Lumpur Business School called for a mitigation strategy to be executed. This is possible due to the high base effect experienced last year, when exports grew by 25% to RM1.55 trillion. Economists Geoffrey Williams and Aimi Zulhazmi said that global markets are expected to be lacklustre for the rest of 2H23, and hence, would not provide a major push to exports.
The Investment, Trade and Industry Ministry reported yesterday that the country’s overall trade contracted 16.3% in June 2023 to RM222.14bil as compared to a year ago, as the value of shipments exchanged with its major trading partners remained on a slide.
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