Malaysia’s export prices in January 2024 slipped by 0.5 per cent from 148.0 points in the previous month to 147.2 points.
Likewise, import prices decreased by 0.1 per cent from 128.7 points to 128.5 points and Malaysia’s terms of trade also dropped by 0.4 per cent month-on-month to 114.5 points in January 2024 as reported today (Feb 28) by the Department of Statistics Malaysia’s (DOSM) External Trade Indices (2010=100), January 2024 which presents the unit value index, volume index and terms of trade for 10 commodity sections of merchandise products in accordance with the Standard International Trade Classification (SITC).
Chief Statistician of Malaysia, Dato’ Sri Dr. Mohd Uzir Mahidin said, “The export unit value index fell by 0.5 per cent in January 2024 as compared to the previous month, led by the decrease in the index of mineral fuels (-2.8%), manufactured goods (-0.2%) and machinery & transport equipment (-0.2%).
“However, the export volume index went up by 4.0 per cent in line with the increase in the index of mineral fuels (+30.4%), manufactured goods (+9.6%) and chemicals (+2.4%). The seasonally adjusted export volume index grew by 16.1 per cent from 140.8 points to 163.5 points. Concerning the annual comparison, the unit value index and volume index increased by 3.1 per cent and 5.4 per cent, respectively.
“The import unit value index shrank by 0.1 per cent in January 2024, contributed by the decrease in the index of mineral fuels (-2.6%), inedible crude materials (-0.3%) and manufactured goods (-0.2%).
“Meanwhile, the import volume index grew by 5.6 per cent in January 2024 as compared to the previous month, attributed from the increment in the index of food (+20.8%), manufactured good (+13.6%) and mineral fuels (+6.0%).
“The seasonally adjusted import volume index edged up by 9.8 per cent from 189.8 points to 208.4 points. Year-on-year comparison showed that the import unit value index and volume index rose by 0.4 per cent and 18.5 per cent, respectively.”
In addition, Malaysia’s terms of trade decreased by 0.4 per cent month-on-month to 114.5 points in January 2024, driven by the decrement in the index of animal & vegetable oils & fats (-1.3%), machinery & transport equipment (-0.4%) and mineral fuels (-0.2%).
Malaysia’s terms of trade grew by 2.7 per cent year-on-year from 111.5 points in January of the previous year.
