Additionally, investors can track Malaysia’s markets through the iShares MSCI Malaysia ETF (NYSEArca: EWM), which includes a heavy position in financials at 32.2%, followed by utilities 13.9% and industrials 13.3%.

On the other hand, large energy consumers will likely feel the weight of costlier crude oil ahead. For starters, the U.S. economy, which is basically based off American consumption, has could slow. The SPDR S&P 500 ETF (NYSEArca: SPY) has increased 2.9% so far this year. [Comparing Popular S&P 500 ETF Options]

Additionally, Europe is another major importer. Currency-hedged plays have been popular this year, with the Deutsche X-trackers MSCI EMU Hedged Equity ETF (NYSEArca: DBEZ), iShares Currency Hedged MSCI EMU ETF (NYSEArca: HEZU) and WisdomTree Europe Hedged Equity Fund (NYSEArca: HEDJ) all up a little over 17% year-to-date. [Earnings Beats Help Support Europe ETFs’ Outlook]

Moreover, emerging countries that import the majority of their fuel will also take a hit. Slater warns that China, which is already facing a slowdown, could experience steeper declines, with growth falling to 5.6% next year from 6.5% this year if oil averages $70 per barrel. The iShares China Large-Cap ETF (NYSEArca: FXI), the largest China-related ETF that tracks Chinese companies listed on the Hong Kong stock exchange, jumped 20.3% so far this year while the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (NYSEArca: ASHR), which tracks mainland Chinese A-shares, surged 29.2%. [China ETFs: Growing Concern After The Recent Surge]

Lastly, India, another large importer, could face slower growth by a few percentage points. Slater expects the economy to slip to 7.4% growth this year and 7.3% in 2016. Year-to-date, the WisdomTree India Earnings Fund (NYSEArca: EPI) dipped 1.0%, iShares India 50 ETF (NasdaqGM: INDY) was 0.1% lower and PowerShares India Portfolio (NYSEArca: PIN) was up 2.1%.

For more information on the global markets, visit our global ETFs category.

Max Chen contributed to this article.

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