Trade Remains Robust in 2017

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The first eight months of 2017 have seen unprecedented growth in Malaysia’s trade.

Growth has exceeded 20% every single month of the year, except for January and June. Last year total trade breached the RM1 trillion mark in September but this year total trade reached RM1 trillion earlier, in July. In 2016, total trade increased by 1.5%. We had earlier estimated total trade in 2017 to grow by about 3%. Although we expect some slight deceleration at the end of this year, partly because of the base effect, Malaysia is likely to record a total trade growth

exceeding 10%, given the strong performance in the first eight months. The trade surplus has also been healthy, increasing to RM60.84 billion for the first eight months of 2017. In the same period last year, it stood at RM52.47 billion. This year we are likely to see a slight increase in the trade surplus compared to RM88.15 billion in the whole of last year.

A very important feature of this year’s trade is that there has been strong growth in most sectors and key markets. Increases in exports have been across the board. Manufactured goods have performed well, particular electrical and electronic products. E&E exports amounted to RM220.56 billion (January to August 2017), growing 21.4% compared to the same period in 2016. We expect the E&E sector to continue to grow given the improvement in global semiconductor sales and strong projections from the smart devices, automotive, storage and healthcare markets. Another area showing strong performance is mining goods, driven by crude petroleum and LNG, which collectively surged by 34% to RM45.16 billion during the same period. This is due mostly to higher and more stable global energy prices.

Trade with China strengthened to 26% in the first eight months of 2017 to RM188.26 million compared to the previous period. This was driven by exports which surged 36.5% to RM80.47 billion. Trade with our key markets, ASEAN, EU, United States and Japan remained strong with growth of 23.9%, 18.3%, 19.7% and 17.7% respectively in the first eight months.

Malaysia’s trade remains resilient driven by diversification in exports. E&E accounted for 36% of exports in January-August 2017, while Petroleum, LNG and Chemical products account for 22.7%

of exports. Agriculture including palm oil & palm oil based products is also an important component of Malaysian exports, amounting to 8.5% of total exports.

The World Trade Organization recently raised their 2017 growth forecast in world merchandise trade volume to 3.6% from a previous estimate of 2.4%. This is attributed to a resurgence of Asian trade flows as intra-regional shipments picked up and as demand in North America recovered after stalling in 2016. We foresee that Malaysia will benefit from the increase in global trade with our trade remaining robust for the rest of 2017.

Dato’Sri Mustapa Mohamed

Minister of International Trade and Industry 6 October 2017

Trade Remains Robust in 2017

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MITI Weekly Bulletin | www.miti.gov.my

Source: Department of Statistics, Malaysia

Trade Performance, January - August 2017

Total Trade

RM1,163.0b Exports RM611.9b Imports

RM551.1b Trade Balance

RM60.8b

23.0% 22.6% 22.2% 16.0%

Major Export Destinations, January - August 2017

USA RM58.5b

9.6%

^#

1 4 3 5

2 PRC

RM80.5b

13.2%

^#

Singapore

RM90.2b

14.7%

^#

Thailand

RM33.2b

5.4%

^#

Japan

RM50.2b

8.2%

^#

Note: ^#

Trade Trends, January 2016 - August 2017

refers to % share to total exports

61.9 56.7 66.6 61.3 60.0 66.5 60.1 67.7 68.2 69.3 73.0 75.8 70.3 71.8 82.6 73.9 79.4 73.1 78.6 82.2

56.5 49.4 55.4 52.3 56.8 60.9 58.0 59.0 60.5 59.5 63.9 66.8 65.5 63.1 77.2 65.2 73.9 63.2 70.6 72.4

118.3 106.1

121.9

113.6 116.8 127.4

118.0 126.7 128.7 128.8

136.8 142.6

135.8 134.9 159.8

139.1 153.3

136.3

149.2 154.6

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

2016 2017

Exports Imports Total Trade

RM1,163.0b RM948.9b

RM1,485.8b

(3)

Source: Department of Statistics, Malaysia

Major Exports, January - August 2017

RM181.7b E&E Products RM220.6b 21.4%

2016 2017

Petroleum Products RM33.7b RM48.4b

2016 2017

43.6%

Chemicals & Chemical Products RM38.1b RM45.1b

2016 2017

18.3%

Major Imports, January - August 2017

Top 3 Destinations Top 3 Destinations Top 3 Destinations Singapore : 18.4%*

USA : 14.8%*

PRC : 14.3%*

Singapore : 30.0%*

PRC : 19.1%*

Indonesia : 12.8%*

PRC : 20.5%*

Indonesia : 9.7%*

Thailand : 8.1%*

RM29.8b RM35.6b

2016 2017

19.7%

Palm Oil & Palm-Based Agriculture Products

Top 3 Destinations India : 12.4%*

PRC : 8.9%*

Netherlands: 7.9%*

RM25.7b RM27.5b

2016 2017

6.9%

Machinery, Equipment & Parts

Top 3 Destinations Singapore : 21.0%*

USA : 8.2%*

PRC : 7.7%*

Note: * Share to total exports/imports of the industry RM135.8b RM165.0b

E&E Products

Petroleum Products RM32.2b RM49.9b

Chemicals & Chemical Products

21.5%

2016 2017

55.2%

RM45.0b RM52.9b

2016 2017

17.6%

RM25.1b RM27.9b

2016 2017

11.0%

RM41.2b RM49.9b

2016 2017

24.9%

Manufactures of Metal

Machinery, Equipment & Parts

Top 3 Sources PRC : 24.7%*

Chinese Taipei : 14.4%*

USA : 12.5%*

Top 3 Sources PRC : 16.4%*

Singapore : 11.7%*

USA : 7.7%*

Top 3 Sources PRC : 22.8%*

Japan : 13.6%*

USA : 11.2%*

Top 3 Sources Singapore : 33.8%*

India : 12.7%*

PRC : 10.6%*

Top 3 Sources PRC : 26.8%*

Japan : 11.7%*

Australia : 10.0%*

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International Report

Philippines Economic Indicators 2016

Source: World Bank and WTO

Population:

103.3 mil.

Land area:

298,170 km

²

GDP (current US$):

US$304.9 billion

Inflation rate:

1.8%

Unemployment rate:

5.9%

Global trade:

US$142.6 bil (Rank: 39)

Global exports:

US$56.3 bil (Rank: 46) Global imports:

US$86.3 bil (Rank: 35)

Malaysia’s Trade with Philippines, 2005 - 2017 (Jan-Aug)

7.5 8.0 8.7 9.7 7.0 10.0 10.9 10.5 9.3 12.0 13.2 13.6 8.9 10.912.2 10.6 9.8 6.9 4.0 11.3 4.8 4.8 4.7 5.2 6.5 6.6 4.2 6.0

19.7 18.6 18.5

16.7

11.0

21.3

15.7 15.3 14.1

17.2

19.7 20.2

13.1

16.8

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2016

(Jan-Aug) 2017 (Jan-Aug)

Exports Impors Total Trade

RM billion

Major Exports, 2017 (Jan-Aug)

Major Imports, 2017 (Jan-Aug)

Electrical machinery &

equipment (HS85) RM2.1b

Mineral fuel, oil, etc

(HS27) RM1.1b

Machinery appliances

(HS84) RM1.0b

Plastics

& articles thereof

(HS39) RM0.8b Animal or

vegetable fats & oil

(HS15) RM1.6b

19.0% ^15.0% _9.8% ^8.9% _7.5%

Note: % refers to share to total exports/imports Source: Department of Statistics, Malaysia

Electrical machinery &

equipment (HS85) RM3.5b

Machinery appliances

(HS84) RM0.3b

Mineral fuel,

oil, etc (HS27) RM0.2b

Copper &

articles thereof (HS74) RM0.2b Rubber

& article thereof

(HS40) RM0.5b

59.4%

7.7%

5.5%

4.1%

2.8%

(5)

Note: *Provisional Data Source: Ministry of International Trade and Industry, Malaysia

Note: The preference giving countries under the GSP scheme are Liechtenstein, the Russian Federation, Japan, Switzerland, Belarus, Kazakhstan and Norway.

Number and Value of Preferential Certificates of Origin (PCOs)

0 20 40 60 80 100 120 140 160 180

0 50 100 150 200 250 300 350 400 450 500

9 Jul 16 Jul 23 Jul 30 Jul 6 Aug 13 Aug 20 Aug 27 Aug 3 Sep 10 Sep 17 Sep 24 Sep No. of Certificate of Origin

RM mil.

Generalised System of Preferences (GSP)

Total FOB (RM mil.) Total CO 0

1,000 2,000 3,000 4,000 5,000 6,000

0 500 1,000 1,500 2,000 2,500

RM mil.

ASEAN Trade in Goods Agreement (ATIGA)

Total FOB (RM mil.) Total CO

0 500 1,000 1,500 2,000 2,500

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800

RM mil.

ASEAN-China Free Trade Agreement (ACFTA)

0 200 400 600 800 1,000 1,200 1,400

0 200 400 600 800 1,000 1,200

RM mil.

ASEAN-Korea Free Trade Agreement (AKFTA)

0 50 100 150 200 250 300

0 50 100 150 200 250

2 Jul 9 Jul 16 Jul 23 Jul 30 Jul 6 Aug 13 Aug 20 Aug 27 Aug 3 Sep 10 Sep 17 Sep No. of Certificate of Origin

RM mil.

ASEAN-Japan Comprehensive Economic Partnership (AJCEP)

0 100 200 300 400 500 600 700 800 900

0 50 100 150 200 250

RM mil.

ASEAN-India Free Trade Agreement (AIFTA)

0 200 400 600 800 1,000 1,200

0 100 200 300 400 500 600

RM mil.

ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA)

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Note: *Provisional Data Source: Ministry of International Trade and Industry, Malaysia

Number and Value of Preferential Certificates of Origin (PCOs)

0 200 400 600 800 1,000 1,200

0 20 40 60 80 100 120 140 160 180 200

RM mil.

Malaysia-Japan Economic Partnership (MJEPA)

0 50 100 150 200 250 300 350 400

0 20 40 60 80 100 120 140 160 180 200

RM mil.

Malaysia-Pakistan Closer Economic Partnership (MPCEPA)

0 2 4 6 8 10 12 14

0.0 0.1 0.1 0.2 0.2 0.3 0.3 0.4 0.4 0.5

RM mil.

Malaysia-New Zealand Free Trade Agreement (MNZFTA)

0 20 40 60 80 100 120 140

0 5 10 15 20 25 30 35 40 45

RM mil.

Malaysia-Chile Free Trade Agreement (MCFTA)

0 50 100 150 200 250 300 350 400 450 500

0 10 20 30 40 50 60 70 80 90

RM mil.

Malaysia-India Comprehensive Economic Cooperation Agreement (MICECA)

0 100 200 300 400 500 600

0 50 100 150 200 250 300

RM mil.

Malaysia-Australia Free Trade Agreement (MAFTA)

0 50 100 150 200 250 300 350 400 450

0 100 200 300 400 500 600

RM mil.

Malaysia-Turkey Free Trade Agreement (MTFTA)

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Source : Bank Negara Malaysia

Malaysian Ringgit Exchange Rate with Selected Countries, January 2016 - September 2017

US Dollar

Chinese Yuan

Thai Baht

Japanese Yen

Singapore Dollar

New Taiwan Dollar

4.3481

3.9045

4.4615

4.2089

3.60 3.70 3.80 3.90 4.00 4.10 4.20 4.30 4.40 4.50 4.60

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

2016 2017

RM

USD 1 = RM

0.6615

0.6027 0.6019

0.6409

0.57 0.58 0.59 0.60 0.61 0.62 0.63 0.64 0.65 0.66 0.67

2016 2017

RM

CNY 1 = RM

12.0200

11.1226

12.879012.6957

10.00 10.50 11.00 11.50 12.00 12.50 13.00 13.50

2016 2017

RM

THB 100 = RM

3.6805

3.5620

4.0315

3.8035

3.30 3.40 3.50 3.60 3.70 3.80 3.90 4.00 4.10

2016 2017

RM

JPY 100 = RM

3.0323

2.8904

3.1583

3.1193

2.75 2.80 2.85 2.90 2.95 3.00 3.05 3.10 3.15 3.20

2016 2017

RM

SGD 1 = RM

12.9926

12.0705

14.5092

13.9683

10.00 10.50 11.00 11.50 12.00 12.50 13.00 13.50 14.00 14.50 15.00

2016 2017

RM

TWD 100 = RM

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Sources: Ministry of International Trade and Industry Malaysia, Malaysian Palm Oil Board, Malaysian Rubber Board, Malaysian Cocoa Board, Malaysian Iron and Steel Industry Federation, Bloomberg and Czarnikow Group.

Notes: All figures have been rounded to the nearest decimal point * Refer to % change from the previous week’s price i Average price in the year except otherwise indicated

Commodity Prices

CRUDE PETROLEUM (BRENT) -per bbl-

6 Oct 2017 : US$55.6, 3.3%

^*

Average Price

ⁱ

: 2016: US$45.3 2015: US$53.6 CRUDE PALM OIL

-per MT-

6 Oct 2017 : US$709.5, 2.5%*

Average Price

ⁱ

: 2016: US$702.2 2015: US$616.9

RUBBER SMR 20 -per MT-

6 Oct 2017 : US$1,494.0, 3.6%

^*

Average Price

ⁱ

: 2016: US$1.394.5 2015: US$1.364.3

COAL -per MT- 6 Oct 2017 : US$59.9, 0.5%

Average Price

ⁱ

: 2016: US$45.6 2015: US$49.9 COCOA SMC 2

-per MT-

6 Oct 2017 : US$1,616.9, 12.1%

^*

Average Price

ⁱ

: 2016: US$1,609.8

2015: US$2,077.0

SCRAP IRON HMS -per MT-

6 Oct 2017 : US$350.0

^(high)

, unchanged

US$330.0

^(low)

, unchanged Average Price

ⁱ

: 2016: US$243.2

2015: US$239.6

HIGHEST and LOWEST 2016/2017

Highest

29 Sep 2017 : US$57.5 30 Dec 2016 : US$56.8

Lowest

23 June 2017 : US$45.5 15 Jan 2016 : US$28.9

Crude Petroleum

(Brent) -per bbl-

Highest

20 Jan 2017 : US$843.0 30 Dec 2016 : US$797.5

Lowest

15 Jan 2016 : US$545.5 30 June 2017 : US$650.0

Crude Palm Oil -per MT-

Domestic Prices 6 Oct 2017

Steel Bars

(per MT) RM2,430 – RM2,580

Billets

(per MT) RM2,300 – RM2,350

SUGAR -per lbs- 6 Oct 2017 : US¢ 14.0, 0.9%

^*

Average Price

ⁱ

: 2016: US¢18.2

2015: US¢13.2

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Sources: Ministry of International Trade and Industry Malaysia, Malaysian Palm Oil Board, Malaysian Rubber Board, Malaysian Cocoa Board, Malaysian Pepper Board, Bloomberg and Czarnikow Group, World Bank, World Gold

Council, The Wall Street Journal.

Commodity Price Trends

670.5 669.5 665.0

656.5 668.5

686.0 690.5 692.5 726.5

749.5

727.5

709.5

600 620 640 660 680 700 720 740 760

21 Jul 28 Jul 4 Aug 11 Aug 18 Aug 25 Aug 30 Aug 8 Sep 15 Sep 21 Sep 29 Sep 6 Oct

US$/mt

Crude Palm Oil

1,421.7 1,448.6

1,543.1

1,420.1

1,350.1 1,379.6

1,417.0

1,350.2 1,371.7

1,428.21,442.9 1,616.9

1,200 1,250 1,300 1,350 1,400 1,450 1,500 1,550 1,600 1,650

US$/mt

Cocoa

14.4 14.4 14.1

13.2 13.4

14.0 13.9 14.1

15.2

14.6

14.1 14.0

12.0 12.5 13.0 13.5 14.0 14.5 15.0 15.5

US¢/lbs

Sugar

1,568.5

1,433.5 1,477.5

1,520.5

1,539.01,554.0 1,559.0 1,695.5

1,633.5

1,515.0

1,442.0 1,494.0

1,300 1,350 1,400 1,450 1,500 1,550 1,600 1,650 1,700 1,750

US$/mt

Rubber SMR 20

6,900 7,088 7,113

7,281 6,917 6,851

6,730 6,337

6,085 5,965

4,516

3,984 4,366

4,605

4,188 4,571

3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

2016 2017

USD/ tonne

Black Pepper

* until 31 May 2017

** data for April & June 2017 are not available

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Sources: Ministry of International Trade and Industry Malaysia, , Malaysian Iron and Steel Industry Federation, Bloomberg and Czarnikow Group, World Bank, World Gold Council, The Wall Street Journal.

56.6 55.8

54.8 56.0

56.8 56.6 58.1

59.0

60.1 60.1 60.2 59.9

43.5 45.5 47.5 49.5 51.5 53.5 55.5 57.5 59.5 61.5

US$/t

Coal

1,481 1,531

1,531 1,571 1,551

1,594 1,629 1,639

1,592 1,666

1,737 1,728

1,791 1,861

1,901 1,921

1,913 1,885 1,903

2,030 2,096

1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200

2016 2017

US$/ tonne

Aluminium

4,472 4,599 4,954 4,873

4,695 4,642 4,865

4,752 4,722

4,731 5,451

5,660 5,755 5,941

5,825 5,684

5,600 5,720 5,985

6,486 6,577

4,000 4,500 5,000 5,500 6,000 6,500 7,000

2016 2017

US$/ tonne

Copper

8,507 8,299

8,717 8,879 8,660

8,928 10,263

10,336 10,192

10,260 11,129

10,972

9,971 10,643

10,205

9,609 9,155

8,932 9,491

10,890 11,216

7,000 7,500 8,000 8,500 9,000 9,500 10,000 10,500 11,000 11,500

2016 2017

US$/ tonne

Nickel

45.8

49.7 49.6

48.8 48.5

47.9 47.3 47.5

49.9 50.7 51.7

48.1 49.3

52.5 52.4 52.1 52.7 52.4 52.8 53.8

55.6

56.9 57.5 55.6

40 42 44 46 48 50 52 54 56 58 60

US$/bbl

Crude Petroleum

Crude Petroleum (WTI)/bbl Crude Petroleum (Brent)/bbl

Commodity Price Trends

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Sources: Ministry of International Trade and Industry Malaysia, Malaysian Iron and Steel Industry Federation, Bloomberg and Czarnikow Group, World Bank.

940.0 930.0

969.0

987.0 988.0 978.0

1,002.0 1,017.0

979.0

938.0 923.0

914.0

860.0 880.0 900.0 920.0 940.0 960.0 980.0 1,000.0 1,020.0 1,040.0

21 Jul 28 Jul 4 Aug 11 Aug 18 Aug 25 Aug 1 Sep 8 Sep 15 Sep 22 Sep 29 Sep 6 Oct

US$/oz

Platinum

315.0 315.0 320.0 330.0

350.0 350.0

390.0 390.0 380.0

370.0

350.0 350.0

300.0 300.0 310.0 320.0

340.0 340.0

370.0 380.0 370.0

360.0

330.0 330.0

200 250 300 350 400 450

14 Jul 21 Jul 28 Jul 4 Aug 11 Aug 18 Aug 25 Aug 8 Sep 15 Sep 21 Sep 29 Sep 6 Oct

US$/mt

Scrap Iron

Scrap Iron/MT (High) Scrap Iron/MT(Low)

41.88 46.83

56.20 60.92

55.13 51.98

57.26 60.89

57.79 59.09

73.10 80.02

80.41 89.44

87.65

70.22

62.43 57.48

67.74 76.07

71.53

30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0

2016 2017

US$/dmtu

Iron Ore

16.5 16.7

16.5 17.1

17.2 17.1

17.6 18.1

17.8

17.0 16.8

16.6

15.5 16.0 16.5 17.0 17.5 18.0 18.5

21 Jul 28 Jul 4 Aug 11 Aug 18 Aug 25 Aug 1 Sep 8 Sep 15 Sep 22 Sep 29 Sep 6 Oct

US$/oz

Silver

40.1 40.7

40.4 41.4

41.7 41.3

42.5 43.3

42.5

41.6 41.3

40.6

38.5 39.0 39.5 40.0 40.5 41.0 41.5 42.0 42.5 43.0 43.5 44.0

US$/oz

Gold

Commodity Price Trends

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Sabah manufacturers urge the Government to seriously look into ‘one country one price’. “The manufacturing industry is a productive sector providing employment along the value chain from transforming raw materials into finished products, said Datuk Alan Ang, FSI Advisor, who is a manufacturer and exporter.

He conveyed this message to the MITI Sabah Director, Ms Rita Elisha Mering during a recent courtesy call on FSI President and council members. ‘With a strong manufacturing sector, it could provide job opportunities to the rakyat and can be a solution to Sabah’s poverty eradication,” added Datuk Ang.

Meanwhile, FSI President, Datuk Mohd Basri Abd Gafar said that Sabah is 10-15 years behind economically compared to Peninsular Malaysia, a fact concurred by Ms Rita. Mohd Basri highlighted the need to catch up with Peninsular Malaysia, adding that policy decisions are KL-centric and do not help or benefit Sabah much. Sabah loses out to Peninsular industries in getting incentives or fund allocations because of inability to meet the eligibility criteria.

On the issue of logistics, Mohd Basri said more allocations need to be pumped in for the development of the Sepanggar Bay Container Terminal in the near future and he urged the formation of the Sabah Logistics Council as was promised by the authorities concerned. The Pan Borneo highway is expected to create economic spinoff and our port needs to live up to its name as a hub port, the scale of Port Klang.

FSI Vice President for Resource-Based, Datuk Yusoff Kasim, noted that in the case of palm oil which Sabah produces in abundance, sadly, there have been long absence of further downstream processing activities apart from cooking oils. These, and more issues and input will be presented during the TN50 (Transformasi Nasional 2050) townhall session with MITI Deputy Minister on October 9, during which MITI will allocate time for FSI’s presentation.

In the meantime, members of FSI are urged to channel their issues or to provide feedback as to their aspiration for Sabah by 2050. These will be considered for the 2050 Blueprint.

MEDIA RELEASE

FSI: Get serious on ‘one country one price’

Mohd Basri (third, left), presenting a memento to Ms Rita Elisha Mering after the courtesy call. Other FSI council

members present are (L-R), Vice President (Non-Resource-Based) – Mr Jeff Lu, Advisor – Datuk Alan Ang, Vice

President (Resource-Based) – Datuk Yusoff Kasim and Council Member - Mr Conan Teo. The courtesy call was

held at Wisma FSM along Jalan Sepanggar, Kota Kinabalu.

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of Technical Terms

Source: http://www.miti.gov.my/index.php/glossary

NTBs Non-Tariff Barrier - refer to restrictions that result from prohibitions, conditions, or specific market requirements that make importation or exportation of products difficult and/or costly. NTBs also include unjustified and/or improper application of Non-Tariff Measures (NTMs) such as sanitary and phytosanitary (SPS) measures and other technical barriers to Trade (TBT). NTBs arise from different measures taken by governments and authorities in the form of government laws, regulations, policies, conditions, restrictions or specific requirements, and private sector business practices, or prohibitions that protect the domestic industries from foreign competition.

NTMs Non-Tariff Measures - in general, this term is used to identify any measure which is not based on tariff and is applied in order to protect domestic industries. Many non-tariff measures originated from legitimate purposes, for example, human health protection, and are applied in accordance with WTO rules. Agreements such as the Agreement on Sanitary and Phytosanitary Measures (SPS) and the Agreement on Technical Barriers to Trade (TBT) allow governments to practice legal benefit protection measures while minimizing obstacles to trade and avoiding the application of “disguised protectionism”.

OEM Origional Equipment Manufacturer - An OEM is a company that makes a part or subsystems that is used in another company’s end product. OEM is a company whose products are used as components in the products of another company, referred to as the value-added reseller (VAR). The OEM generally works closely with the company that sells the finished product and customizes designs based on that company’s needs. In the computer industry, OEM may also refer to the VAR, the company that buys products and incorporates or rebrands them into a new product under its own name.. e.g PROTON, PERODUA, Toyota and Honda.

Oligopoly

When a few firms dominate a market. Often they can together behave as if they were a single monopoly, perhaps by forming a cartel. Or they may collude informally, by preferring gentle non-price competition to a bloody price war. Because what one firm can do depends on what the other firms do, the behaviour of oligopolists is hard to predict. When they do compete on price, they may produce as much and charge as little as if they were in a market with perfect competition.

Omni-modal

Used with terms that use all modes of transportation (truck, airplane, vessel, train)

On-carriage

Domestic: subsequent transportation beyond main carriage

International: transportation from the arrival pint on the buyer’s side

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