In 2021, Malaysia’s exports of services recorded RM86.7 billion compared to RM93.0 billion in the previous year. The decline in exports was owing to the negative trend in Travel, which was severely affected by the COVID-19 pandemic. However, imports of services increased by 5.2 per cent to RM147.5 billion as against RM140.1 billion in 2020. With exports of services falling faster than imports, the deficit in international trade in services widened to RM60.7 billion (2020: deficit of RM47.2 billion).
Malaysia’s total trade in Services increased by 0.5 per cent to RM234.2 billion as against RM233.1 billion in a year ago. Total trade in services as a proportion of Gross Domestic Product (GDP at current prices) accounted for 15.2 per cent in 2021.
Asia remained the leading market for Malaysia’s services exports constituted 48.0 per cent of total services receipts valued at RM41.6 billion.
The USA, Singapore and United Kingdom were the top destinations of Malaysia’s services exports with a value of RM26.6 billion, RM19.5 billion and RM6.3 billion respectively.
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