Export and import unit value indices declined 0.2 per cent in May 2023, with exports falling from 141.9 points in the preceding month to 141.7 points while imports fell from 128.2 points to 127.9 points.
In the meantime, Malaysia’s terms of trade rose by 0.1 per cent month-on-month to 110.8 points in May 2023 as reported today in EXTERNAL TRADE INDICES (2010=100), May 2023.
This publication presents the unit value and volume index and terms of trade for 10 commodity sections of merchandise products in accordance with the Standard International Trade Classification (SITC).
According to the Department of Statistics Malaysia, “The export unit value index fell by 0.2 per cent in May 2023 as compared to the previous month, attributed to the decrease in the index of animal & vegetable oils & fats (-1.9%), mineral fuels (-0.1%) and miscellaneous manufactured articles (-0.1%). Meanwhile, the export volume index increased by 13.9 per cent in the same month, in line with the increase in the index of mineral fuels (+29.5%), miscellaneous manufactured articles (+25.2%) and machinery & transport equipment (+8.0%). The seasonally adjusted export volume index grew by 24.9 per cent from 136.3 points to 170.3 points. For year-on-year comparison, the export unit value index plummeted 4.7 per cent while the volume index increased by 4.2 per cent.”
The import unit value index also dropped by 0.2 per cent in May 2023, led by the decrease in the index of mineral fuels (-4.5%), animal & vegetable oils & fats (-1.8%) and chemicals (-0.2%).
While, the import volume index increased by 12.8 per cent in May 2023 as compared to the previous month, attributed to the rise in the index of mineral fuels (+24.4%), chemicals (+19.1%) and machinery & transport equipment (+6.7%).
The seasonally adjusted import volume index also went up by 18.8 per cent from 157.6 points to 187.2 points. For year-on-year comparison, the import unit value index fell 3.5 per cent, while the volume index increased by 0.4 per cent.
The Department of Statistics Malaysia (DOSM) also reported that Malaysia’s terms of trade rose by 0.1 per cent month-on-month to 110.8 points in May 2023, in accordance with the increase in the index of mineral fuels (+4.7%), manufactured goods (+0.9%) and inedible crude materials (+0.8%). Malaysia’s terms of trade shrank by 1.2 per cent year-on-year from 112.1 points in May of the previous year.
