Analysing Trade pattern of an ASEAN country

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ANALYZING TRADE PATTERN OF MALAYSIA Author’s name Name of class Name of professor Name of school Date Analyzing Trade Pattern of Malaysia Introduction Considered to be among the most dynamic economies found in the region around the Asia Pacific, the Malaysian economy has proven to be one of the fastest growing economies in the world. Malaysia is endowed with abundant natural resources which in turn support mining and agricultural activities (Djubairn, Hameed, and Othman, 2015, p.7). The country’s proximity to the Strait of Malacca has also boosted its potential to engage in international trade. Malaysia also has a well-developed manufacturing sector that provides a base for the production of a range of consumer goods that are demanded globally. Over the past few decades, the economy has experienced different forms of transformations regarding its structure in operation and diversification of production activities. Due to the size and the open nature of the Malaysian economy, it is not possible for the country to perform well without engaging in trade. Malaysian economic growth largely depends on both domestic and international trade (Saw, and Kesavapany, 2006, p.11). The trade involves the importation and exportation of goods and services to other business partners. Additionally, the sustained growth that the country’s economy has experienced over the past few decades has led to the shift from being import substitution-based to being an export-led economy (Devadason, 2002, p.6). This paper focuses on the nature of the trade pattern in Malaysia and how the trade design has changed over time concerning international trade and trade barriers.