Malaysia ’s rapid economic growth and outward-oriented
policies have been accompanied by steady export growth. Exports
as a percentage of GDP in Malaysia have increased from 41 per cent
in 1970-110 per cent in 2007. Compared with economic
growth there have been more fluctuations in exports. In particular,
Malaysia has experienced export slumps associated with thefi rst
oil price shock in 1975, second oil price shock in 1981, the Asian
financial crisis in 1997, the collapse of the IT bubble in 2001 and the
global financial crisis in 2008-2009. The manufacturing sector
is regarded as the main driver for export performance as well as
economic growth. In 20 0 6, strong growth in manufacturing output
(7.1 per cent) contributed 31.3 per cent of GDP