Annual Report 2019

14 // MATRADE Annual Report 2019 Malaysia’s total exports in 2019 experienced a marginal decline of 0.8% to RM995.07 billion compared to RM1.003 trillion as recorded in 2018. Imports also decreased by 3.5% to RM849.41 billion while total trade declined by 2.1% to RM1,844 trillion. A substantial decrease in imports resulted in a 17.7% increase in trade surplus to RM145.66 billion. This signifies the 22nd TRADE PERFORMANCE The year 2019 was challenging with various hurdles contributed by external developments as well as the expectation of maintaining trade performance records compared to the previous year. The escalation of trade conflicts and measures to protect markets among the world’s major trading nations within an environment of global economic slowdown accentuated by a slump in commodity prices were among the factors influencing Malaysia’s trade performance in 2019. MESSAGE OF CHIEF EXECUTIVE OFFICER MATRADE Exports to the United States and China recorded an increase of 6.3% and 1.3%, respectively, reflecting that there are still export opportunities to these markets despite the ongoing conflict. consecutive year of trade surplus since 1998 and the highest since 2009. The decline was expected due to trade conflicts between the United States and China, two countries which are Malaysia’s main trading partners. The conflict saw both countries raising tariffs on products traded between the two, especially in the fourth quarter of 2019.