Page 18 - EXIM-Bank_Annual-Report-2023

EXIM BANK MALAYSIA
16 A Vision to Serve Empowering Growth Management Discussion and Analysis
ANNUAL REPORT 2023
ACTING PRESIDENT/CHIEF EXECUTIVE OFFICER’S

REVIEW

EMPOWERING
Dear Stakeholders,

In 2023, Exim Bank weathered
a global environment of softer GROWTH THROUGH
export trade activities with
proactive action and unwavering
resolve. Our ability to adapt PROACTIVE ACTION
to changing market dynamics,
coupled with a more dynamic
approach, have been instrumental
in turning around performance.
We intensified strategic
engagements and beefed up Escalation of Israel-Palestine
capacity to execute robust Tighter monetary condition invasion/Russia-Ukraine
marketing tactics to targeted than previously expected invasion to continue
customers. These drove better
business performance within a Persistent input cost
inflation and higher energy
challenging year. I am proud to Escalation
Financial market prices combined with of US-China
report EXIM Bank delivered profit
volatility weakening demand, trade war
after tax of RM24.98 million for squeeze corporate profits
FY2023.

The challenging economic environment in
2023 was prolonged by geopolitical risks,
market volatility, heightened inflation and
rising interest rates. This dampened trade
activities causing Malaysia’s trade to fall
7.3% to RM2.64 trillion in 2023 due to an
8% export contraction to RM1.43 trillion for
the year, while imports weakened by 6.4% to
RM1.21 trillion compared with 2022.

The economic growth was sustained
on private consumption; year-on-
year (yoy) investment growth of
4.7%, yoy growth of 5.5%, improvement in
labour market conditions and supportive China-Taiwan Slowing down of global
measures rolled out by the government. tension economy - deeper than
With the support of development financial expected recession in the
institutions (DFIs) playing counter-cyclical roles largest economy
to support Malaysian businesses, Malaysia’s
trade continued to exceed the RM2 trillion
mark achieved in the last three consecutive Possible rise in brent and Decreasing global
years and sustained its surplus trend for 26 commodity prices trade volume
successive years since 1998. Initiatives under
th
the 12 Malaysia Plan (12MP), the National
Trade Blueprint (NTBp) and the New Industrial
Master Plan 2030 (NIMP 2030) supported the
promotion of international trade to reinforce
business resilience and sustain economic
growth momentum.