The share of travel services in commercial service exports in Malaysia has experienced significant fluctuations over the past decade. It reached its peak in 2014 at 53.85% but has generally decreased since then. A substantial drop occurred in 2020 due to the pandemic, with a dramatic reduction to 0.37% in 2021. Although there was some recovery in 2022 to 19.98%, the share has been gradually declining since, standing at 19.56% in 2023.
Year-on-year, the share decreased slightly by 2.07% in 2023, compared to 2022. Looking at the five-year period, the compound annual growth rate (CAGR) is forecasted at -1.82%, indicating a longer-term trend of decline with an overall forecasted five-year growth rate of -8.76% by 2028.
Future trends to watch for include potential recovery factors such as global travel demand resurgence, tourism infrastructure investments, and evolving travel preferences that could influence the share of travel services in Malaysia's commercial service exports.
