53 Spurring Exports In The New Norm Trade Performance Report 01 02 03 04 05 Top five export components which accounted for 85.8% of total services exports in 2020 were other business services with a share of 29.2%, transport (14.7%), telecommunications, computer and information services (14.5%), manufacturing services on physical inputs owned by others (13.8%) as well as travel (13.6%). Asia was the largest regional market for Malaysia’s services exports, accounting for 51.3% share followed by Americas (27.8%) and Europe (17.1%). These three regional markets collectively represented RM89.12 billion of total services exports. Within Asia, Singapore was the largest export market, with 20.4% share of Malaysia’s services exports, followed by Hong Kong SAR (5.5%,), China (4.8%), Indonesia (4.0%) and Japan (3.3%). Apart from countries in Asia, the main export markets for services were the US, the UK, Germany, Australia and the Netherlands with the Other Business Services 29.2%* Transport 14.7% Telecommunications, Computer and Information Services 14.5% Manufacturing Services on Physical Inputs Owned by Others 13.8% Travel 13.6% share of 26.8%, 6.4%, 2.8%, 2.8% and 1.6%, respectively. Imports declined by 22.7% to RM140.06 billion driven by lower imports of travel, transport, other business services, construction as well as maintenance and repair services. Trade deficit in 2020 widened to RM47.45 billion compared to RM10.88 billion in 2019. Main Export Components * Share
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