46 MATRADE Annual Report 2020 FTA & EMERGING MARKETS In 2020, trade with Free Trade Agreement (FTA) partners which accounted for 66.7% of Malaysia’s total trade decreased by 3.3% to RM1.189 trillion. Exports to FTA partners was valued at RM669.4 billion, contracted by 1.4% while imports declined by 5.7% to RM520.22 billion. FTA Markets TRADE IMPORTS EXPORTS 3.3% RM1.189 trillion 1.4% RM669.4 billion 5.7% RM520.22 billion Major export destinations among FTA countries were China, Singapore, Hong Kong SAR, Japan and Thailand. Collectively, these markets accounted for 71.3% of Malaysia’s total exports to FTA partners. Contraction in exports were recorded to Thailand, India, Viet Nam, Australia and Japan. Exports to Thailand declined by 19.5% to RM45.34 billion, mainly due to lower exports of E&E products, India (↓21.2% to RM30.40 billion, crude petroleum) and Viet Nam (↓12.7% to RM30.9 billion, petroleum products). However, higher exports were recorded to China by 13% to RM159.22 billion, supported by an increase in exports of iron and steel products, Singapore (↑3.7% to RM142.15 billion, E&E products), Hong Kong SAR (↑2.3% to RM68.17 billion, E&E products), Turkey (↑11% to RM7.74 billion, rubber products) and Brunei (↑21.3% to RM2.78 billion, crude petroleum). MAIN EXPORT DESTINATIONS TO FTA MARKETS Hong Kong SAR Singapore China These markets accounted for 71.3% of total exports to FTA partners Thailand Japan
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