|Compiled from Malaysia External Trade Statistics Online (METS Online) – cheese import by country of origin (% breakdown by value in ringgit Malaysia)|
As the ringgit plunges against all other major currencies due to both internal and external factor, let’s look at its impact on the cheese category. Based on the analysis of METS Online data, at least 75% of Malaysia’s cheese import in ringgit Malaysia term comes from Australia and New Zealand. The currency appreciation is still manageable since both the Australian and NZ dollar are impacted by the slowdown in China’s demand for commodities. Therefore, the recent weakness in the ringgit will not have a big impact on the prices of cheese in Malaysia with the exception of the remaining one-third dominated by imports from Europe and North America.