Malaysia’s export prices in February 2024 rose by 0.1 per cent from 147.2 points in the previous month to 147.3 points.
Likewise, import prices increased by 1.1 per cent from 128.5 points to 129.9 points while Malaysia’s terms of trade decreased by 1.0 per cent month-on-month to 113.4 points in February 2024 as reported today (Mar 27) in the Department of Statistics Malaysia’s External Trade Indices (2010=100), February 2024 release.
The release 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 Malaysia Dato’ Sri Dr. Mohd Uzir Mahidin said, “The export unit value index went up by 0.1 per cent in February 2024 as compared to the previous month, led by the increase in the index of chemicals (+1.0%), miscellaneous manufactured articles (+0.7%) and machinery & transport equipment (+0.7%).
“However, the export volume index went down by 9.1 per cent in line with the decrease in the index of animal & vegetable oils & fats (-21.9%), mineral fuels (-9.8%) and machinery & transport equipment (-9.2%). The seasonally adjusted export volume index also fell by 4.1 per cent from 163.5 points to 156.8 points. Concerning the annual comparison, the unit value index increased 4.3 per cent while volume index decreased by 5.0 per cent.”
The import unit value index rose by 1.1 per cent in February 2024, contributed by the increase in the index of mineral fuels (+2.0%), machinery & transport equipment (+1.7%) and miscellaneous manufactured articles (+0.3%).
Meanwhile, the import volume index decreased by 11.4 per cent in February 2024 as compared to the previous month, attributed from the decrement in the index of food (-26.7%), manufactured good (-19.3%) and machinery & transport equipment (-11.8%).
The seasonally adjusted import volume index edged down by 6.5 per cent from 208.0 points to 194.4 points.
Year-on-year comparison showed that the import unit value index and volume index rose by 0.9 per cent and 7.4 per cent, respectively.
In addition, Malaysia’s terms of trade slipped by 1.0 per cent month-on-month to 113.4 points in February 2024, driven by the decrement in the index of mineral fuels (-5.1%), machinery & transport equipment (-1.0%) and animal & vegetable oils & fats (-0.8%).
Malaysia’s terms of trade grew by 3.4 per cent year-on-year from 109.7 points in February of the previous year.
