Malaysia Morning Wrap | Hibiscus Petroleum Faces Sharp Decline in Profits Due to Asset Shutdowns and Market Conditions

Despite a subdued rebound in October 2024 with exports growing only 1.6% to RM128.12 billion, economists are optimistic about Malaysia's export growth, maintaining a forecast of 7.6% for 2024. This optimism is fueled by potential trade diversions and front-loading of exports in response to anticipated US tariffs under the Trump administration. Key growth sectors include electronics and palm oil, which helped offset a significant drop in petroleum shipments. While import growth slowed, the overall trade surplus for the first 10 months stands at RM102.8 billion, down 46.3% from the previous year, reflecting a cautious but positive outlook amid global economic uncertainties.

Airbnb is calling for balanced regulations in Malaysia's short-term rental industry to foster growth while addressing concerns from traditional hotel operators. Mich Goh, Airbnb's Asia-Pacific public policy director, emphasized the importance of regulatory clarity that supports the industry's potential during a roundtable on Malaysia's tourism growth. The company has already taken steps towards responsible hosting with the introduction of a framework guide and collaboration with Zaid Ibrahim & Co and KPMG Law for building by-laws. With Malaysia set to chair ASEAN in 2025 and a 30% increase in Airbnb bookings in the first half of 2024, the timely introduction of national guidelines is seen as crucial for boosting tourism and facilitating public-private partnerships.