28 MATRADE Annual Report 2020 MALAYSIA’S TRADE PERFORMANCE 2020 In 2020, Malaysia’s trade surplus continued to register double-digit growth for the fourth consecutive year, widening by 25.9% to RM183.35 billion compared to RM145.66 billion in 2019. This was the largest trade surplus ever recorded, representing Malaysia’s achievement in sustaining trade surplus for 23 consecutive years, since 1998. In tandem with the unfavourable external environment due to the impact of COVID-19 pandemic, total trade contracted by 3.3% to RM1.784 trillion. Exports decreased marginally by 1.1% to RM983.83 billion, from the preceding year while imports declined by 5.8% to RM800.48 billion. Lower trade was recorded with Thailand, Singapore, Australia, India and Viet Nam. However, Malaysia’s trade grew with China, the United States (US), the Republic of Korea (ROK), Bahrain and Hong Kong SAR. China, Singapore, the US, Japan and Taiwan were Malaysia’s top five trading partners in 2020. Collectively, these five countries accounted for 52.8% or RM942.1 billion of Malaysia’s total trade. China was Malaysia’s largest 52.8% of TRADE China, Singapore, US, Japan and Taiwan accounted for RM942.1 billion of total trade export market, followed by Singapore, the US, Hong Kong SAR and Japan. These five countries accounted for 55% or RM541.18 billion of Malaysia’s total exports in 2020. Meanwhile, five main import sources were China, Singapore, the US, Japan and Taiwan, which collectively represented 54.4% or RM435.21 billion of total imports. * Share Singapore 12.1% China 18.6%* Japan 7% US 10% Taiwan 5.2%
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