Annual Report 2019

30 // MATRADE Annual Report 2019 ASEAN In 2019, trade with ASEAN contracted by 3.9% to RM491.51 billion compared to 2018. This accounted for 26.6% of Malaysia’s total trade. Five of Malaysia’s top 20 major trading partners were ASEAN nations of Singapore (second), Thailand (fifth), Indonesia (ninth), Viet Nam (11th) and the Philippines (15th). Exports to ASEAN recorded a marginal decrease of 0.2% to RM286.47 billion and contributed 28.8% to Malaysia’s total exports. The slight decrease was due to lower exports to Singapore, Thailand and Indonesia. However, exports to the Philippines, Viet Nam and Cambodia registered increases. Major products that recorded higher exports to ASEAN were iron and steel products, machinery, equipment and parts as well as liquefied natural gas (LNG). Imports from ASEAN decreased by 8.7% to RM205.05 billion. Main imports were E&E products, petroleum products as well as chemicals and chemical products. Singapore was the major export market and accounted for 47.9% of total exports to the region. This was followed by Thailand (19.7%), Viet Nam (12.4%), Indonesia (10.9%), the Philippines (6.5%), Myanmar (1.0%), Cambodia (0.9%), Brunei (0.8%) and Laos (0.01%). Major export products to Singapore were E&E products with 44.1% share and petroleum products (13.9%). Exports to Singapore contracted by 2.3% to RM137.08 billion due to lower exports of E&E products, petroleum products and crude petroleum. Imports from Singapore declined by 13.2% to RM89.50 billion. Main imports were petroleum products, E&E products as well as chemicals and chemical products. Major Products that Recorded Higher Exports Total Trade with ASEAN 3.9 % RM 491.51 billion Exports to ASEAN Imports from ASEAN 0.2 % RM 286.47 billion 8.7 % RM 205.05 billion SUMMARY OF MARKET PERFORMANCE Iron and Steel Products Machinery, Equipment and Parts LNG