KUALA LUMPUR (BERNAMA) – Malaysia’s total services trade registered MYR433.2 billion in 2023, representing 23.8 per cent of gross domestic product (GDP) at current prices, said the Department of Statistics Malaysia (DOSM).
The deficit in services for 2023 improved to MYR43.2 billion against a deficit of MYR58.2 billion in 2022.
“Exports of services grew 37.9 per cent to MYR195.0 billion from MYR141.4 billion in 2022, while imports of services rose 19.3 per cent to MYR238.2 billion from the preceding year,” DOSM said in a statement yesterday.
DOSM said travel, the main contributor to the services trade, is still catching up to almost prepandemic highs.
“Travel in 2023 improved to a surplus of MYR17.1 billion after recording a deficit for three consecutive years, strongly supported by higher foreign tourist spending in Malaysia,” it said.
DOSM said Singapore was the primary destination for Malaysia’s services export with a value of MYR55.3 billion compared to MYR37.5 billion in the previous year.
“The United States (US) ranked the second highest export destination with MYR36.6 billion, followed by China with MYR12.9 billion,” it said.
The DOSM added that the US became the main source for services import valued at MYR76.1 billion in 2023, particularly in travel, other business services and transport.
“This was followed by Singapore with MYR41.3 billion and the United Kingdom with MYR13.3 billion,” it said.
