37 Trade Performance Report MATRADE Annual Report 2022 PERFORMANCE OF THE SERVICES SECTOR OTHER BUSINESS SERVICES 31.2%* MANUFACTURING SERVICES FOR PHYSICAL INPUTS OWNED BY OTHERS 17.8% TRANSPORT/ LOGISTICS 17.8% TELECOMMUNICATIONS, COMPUTER & INFORMATION SERVICES 15.9% CONSTRUCTION 4.4% MAIN EXPORT COMPONENTS * share of total exports TOTAL TRADE RM323.32 bilion RM138.95 bilion RM184.37 bilion RM45.42 bilion 0.5% 0.5% 0.5% EXPORTS IMPORTS TRADE DEFICIT The trade volume for Malaysia’s services sector increased 39.4% to RM336.94 billion compared to 2021. Exports surged 59.3% to RM140.27 billion, attributed to the increase in travel (↑,693.5%), transport (↑55.4%), and other business services (↑28.2%). The growth in the service sector was supported by the relaxation of COVID-19 standard operating procedures as Malaysia transitioned to the endemic phase on 1st April 2022. Collectively, the top five components of service exports contributed 86.6% to total service exports. These were: other business services with a 22.4% share, travel (20.2%), transportation (18.3%), manufacturing services for physical inputs owned by others (14.4%), and telecommunications, computer and information services (11.4%). At 55.1% of total service exports, Asia held the largest regional share, followed by the Americas (26.9%) and Europe (14%). These three markets contributed 97% to Malaysia’s total service exports. Within Asia, Singapore was the largest export market, accounting for a 24.6% share of Malaysia’s total service exports, followed by Hong Kong SAR (5.7%), Indonesia (4.8%), China (3.7%), and Japan (2.7%). In addition to the Asian markets, key markets for service exports were the United States, the United Kingdom, Australia, Germany, and the Netherlands, with shares of 26.2%, 5.3%, 3%, 2.1%, and 1.6%, respectively. Imports increased 27.9% to RM196.67 billion, driven by higher imports of travel, transport, and other business services. The main components of imports were transportation, other business services, travel, telecommunications, computer and information services, and insurance and pension services. Higher exports in 2022 saw the trade deficit narrow to RM56.4 billion, from RM65.66 billion in 2021. TRADE PERFORMANCE OF THE SERVICES SECTOR
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