Malaysia’s export prices rise 0.7% in May 2024 – DoSM

KUALA LUMPUR: Malaysia’s export prices in May 2024 increased by 0.7 per cent from 149.2 points in the previous month to 150.3 points (2010=100), said the Department of Statistics Malaysia (DOSM).

In its External Trade Indices May 2024 report released today, DOSM said Malaysia’s terms of trade also increased by 0.7 per cent month-on-month (m-o-m) to 114.8 points.

Chief Statistician Malaysia Datuk Sri Dr Mohd Uzir Mahidin said the rise in the export unit value index in May 2024 was due to the increase in the index of mineral fuels by 1.5 per cent, chemicals (0.5 per cent) and machinery and transport equipment (0.3 per cent).

Additionally, DOSM reported the export volume index rose by 11.0 per cent in line with the increase in the index of miscellaneous manufactured articles by 21.2 per cent; machinery and transport equipment (11.9 per cent) and mineral fuels (7.5 per cent).

“The seasonally adjusted export volume index also increased by 21.7 per cent from 141.7 points to 172.5 points.

“With regards to the annual comparison, the unit value index and volume index increased by 6.1 per cent and 1.2 per cent, respectively,” it said.

Meanwhile, DOSM said that the import volume index grew by 10.3 per cent in May 2024 as compared to April 2024, attributed to the increase in the index of mineral fuels by 26.0 per cent, machinery and transport equipment (10.9 per cent) and manufactured goods (6.0 per cent).

It said the seasonally adjusted import volume index went up by 20.9 per cent from 182.6 points to 220.9 points.

DOSM said the year-on-year (y-o-y) comparison showed that the import unit value index and volume index expanded by 2.4 per cent and 11.1 per cent, respectively.

“Malaysia’s terms of trade spread by 0.7 per cent m-o-m to 114.8 points in May 2024, driven by the increment in the index of machinery and transport equipment by 1.6 per cent, inedible crude materials (1.2 per cent) and food (1.0 per cent).

“Malaysia’s terms of trade edged up by 3.6 per cent y-o-y from 110.8 points in May of the previous year,” it added. – BK