In 2020, Malaysia’s exports of services recorded RM92.6 billion as compared to RM170.2 billion in the preceding year as the COVID-19 pandemic has disrupted the key Services components, namely Travel and Transport. Simultaneously, imports of services decreased to RM140.1 billion as against RM181.1 billion in 2019. As services exports fall at a faster pace than imports, the International Trade in Services balance widened to a deficit of RM47.4 billion, the highest deficit ever recorded.
Malaysia’s total trade in Services contracted by 33.8 per cent to RM232.7 billion as against RM351.3 billion in a year ago. Total trade in services as a proportion of Gross Domestic Product (GDP at current prices) accounted for 16.1 per cent in 2020.
Asia remained the leading market for Malaysia’s services exports constituted 51.3 per cent of overall services receipts with RM47.5 billion.
The USA, Singapore and United Kingdom were the top destinations of Malaysia’s services exports with a value of RM24.8 billion, RM18.9 billion and RM5.9 billion respectively.
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