Annual Report 2019

32 // MATRADE Annual Report 2019 In 2019, total trade with Northeast Asia (excluding China) was valued at RM377.70 billion, 4.2% lower compared to the previous year. Exports to this region recorded a decline of 3.9% to RM204.13 billion, while imports from Northeast Asia (excluding China) declined by 4.6% to RM173.57 billion. Malaysia’s major trading partners in Northeast Asia (excluding China) were Japan, Taiwan, Hong Kong SAR and the Republic of Korea (ROK). These countries collectively contributed 20.5% to Malaysia’s total trade. Japan remained as Malaysia’s fourth largest trading partner with total trade amounted to RM129.59 billion. Trade with Japan recorded more than RM100 billion for over a decade despite a decline of 3.5%. Trade with this country accounted for 7.0% of Malaysia’s total trade. NORTHEAST ASIA Exports to Japan decreased by 6.2% to RM66.00 billion mainly due to lower exports of LNG, wood products and E&E products. These products collectively contributed 59.1% to Malaysia’s total exports to Japan. Imports from Japan decreased marginally by 0.4% to RM63.59 billion. Main imports were E&E products, machinery, equipment and parts as well as transport equipment. Taiwan was Malaysia’s sixth largest trading partner and accounted for 5.1% of Malaysia’s total trade. In 2019, Taiwan moved up the ranks to become Malaysia’s eighth largest export market from the 11th position in 2018. In 2019, total trade with Taiwan amounted to RM94.08 billion, 2.4% lower than the previous year. Exports to Taiwan recorded a double-digit growth of 12.9% to RM37.03 billion while imports declined by 10.3% to RM57.05 billion. Main imports were E&E products, chemicals and chemical products as well as iron and steel products. Major Trading Partners Japan Hong Kong SAR Taiwan Republic of Korea 4.2 % 3.9 % 4.6 % RM 377.70 billion RM 204.13 billion RM 173.57 billion Total Trade with Northeast Asia Exports to Northeast Asia Imports from Northeast Asia Hong Kong SAR was Malaysia’s seventh largest trading partner, recorded a decrease of 10.3% to RM80.69 billion. Hong Kong SAR remained as Malaysia’s fourth largest export market with a value of RM66.62 billion, declined by 11.0% compared to 2018. Imports from Hong Kong SAR dropped by 7.1% to RM14.06 billion. Main imports were E&E products, optical and scientific equipment as well as machinery, equipment and parts. Meanwhile, the ROK was Malaysia’s eighth largest trading partner with a total trade of RM73.06 billion, decreased by 0.6% compared to last year. Exports to the ROK recorded a marginal decline of 0.02% to RM34.23 billion and was Malaysia’s 10th largest export market. Imports from the ROK decreased by 1.2% to RM38.83 billion. Main imports were E&E products, petroleum products as well as chemicals and chemical products.