42 MATRADE Annual Report 2020 South America Trade with South America rose by 2.5% to RM23.52 billion in 2020. Brazil was South America's largest trading partner, valued at RM11.76 billion accounting for 50% share, followed by Argentina, RM5.7 billion (24.2%) and Venezuela, RM1.86 billion (7.9%). Brazil, Chile and Peru were Malaysia's largest export markets in the region and accounted for 53.9% share, 12% and 11.4%, respectively. Major export products to the region were rubber products, representing 29.9% share of total exports, followed by E&E products (15.9%) as well as palm oilbased manufactured products (8.6%). However, exports to South America recorded a decrease of 7.6% to RM5.67 billion due to lower exports of E&E products, metalliferous ores and metal scrap as well as transport equipment. Imports from South America rose by 6.2% to RM17.84 billion. Main imports were metalliferous ores and metal scrap, processed food and petroleum products. Brazil was the largest export market in South America, with a value of RM3.06 billion and accounted for 53.9% of total exports to this region. Major export products to Brazil were rubber products, which accounted for 30.9% share, followed by E&E products (20.7%) as well as chemicals and chemical products (6.5%). However, exports to Brazil declined by 16.4% due to lower exports of E&E products, metalliferous ores and metal scrap as well as chemicals and chemical products. Imports from Brazil grew by 15.2% to RM8.7 billion. Main imports were metalliferous ores and metal scrap, processed food and petroleum products. Venezuela Brazil Major Trading Partners Argentina Palm Oil (Manufactured) Imports RM17.84 billion 6.2% Total Trade RM23.52 billion 2.5% Exports RM5.67 billion 7.6% Main Exports Rubber Products E&E Products
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