By Lian Cheng
KUCHING, May 28: Liquified natural gas (LNG) has been the primary driver of Sarawak’s export performance, with its total export value rising from RM54.8 billion in 2023 to RM56.4 billion in 2024, caused by higher export volumes.
Simultaneously, the export value of crude palm oil (CPO) surged by 15.7 percent, supported by favourable market conditions and stronger prices.
Conversely, crude petroleum exports registered a decrease of 5.8 percent, attributed to lower export volumes and declining oil prices.
“In 2024, the average price of Brent crude oil was USD80.52 per barrel, a decrease from USD82.49 per barrel in 2023, reflecting the overall trends in the oil market,” said Second Finance Minister Douglas Uggah Embas when presenting his ministerial address at the Sarawak Legislative Assembly here today.
He held that amid significant global uncertainties, these challenges might have repercussions on Sarawak’s external demand moving forward especially when early indicators suggest a contraction in trade, with total trade for the first two months of 2025 experiencing an 11.4 percent decrease.
On the investment front, he said Sarawak secured RM7.6 billion worth of approved investments within the manufacturing sector, with a strong focus on high-value industries, including chemicals, electrical and electronics, and miscellaneous products.
Strategic initiatives to enhance investment facilitation, coupled with ongoing infrastructure development, have further reinforced Sarawak’s appeal as a competitive investment destination, he said.
“In 2024, the Sarawak and Federal governments have invested a significant amount of public fundings, nearly RM15 billion for capital development purposes. This commitment is expected to drive infrastructure expansion, enhance public services, and accelerate economic transformation across Sarawak.
“In 2025, the Sarawak Government has approved development allocation of RM10 billion to ensure the continued progress of ongoing initiatives and the rollout of new infrastructure projects. On top of this, the Federal government has approved an allocation of RM5.9 billion to undertake various development
projects in Sarawak,” said Uggah who is also Deputy Premier of Sarawak.
Meanwhile, he reported that public consumption expanded by 10.5 percent in 2024, primarily due to the impact of the Sistem Saraan Perkhidmatan Awam or Civil Service Remuneration System implementation.
“The enhancement of remuneration has led to an increase in disposable income for public sector employees, thereby stimulating demand and further encouraging private consumption.
“Additionally, the flexibility to withdraw from the Employees Provident Fund (EPF) Account 3 has improved household liquidity, further supporting consumption,” Uggah explained.
He said the positive trend is complemented by strong private consumption, which is reinforced by targeted fiscal measures such as the Sumbangan Keperluan Asas Sarawak (SKAS) or Sarawak Basic Needs Assistance and Sumbangan Tunai Rahmah or Rahmah Cash Contribution, aimed at enhancing household purchasing power and stimulating broader economic activity.
“Looking ahead, Sarawak’s economy which was initially projected to grow between 5.0 percent and 6.0 percent in 2025, may be challenged by downside risks brought on by global uncertainties.” — DayakDaily
