Export unit value index slips in December

KUALA LUMPUR: Malaysia’s export unit value index slipped by 0.9 per cent to 148.0 points in December 2023 from 149.3 points in the previous month, said the Department of Statistics (DOSM) yesterday.

The import unit value index decreased by 1.0 per cent to 129.6 points from 130.9.

Chief statistician Datuk Seri Mohd Uzir Mahidin said the drop in the export unit value index in December 2023 versus November 2023 was led by a decrease in the index of animal and vegetable oils and fats (-3.6 per cent), mineral fuels (-2.4 per cent) and manufactured goods (-0.5 per cent).

“At the same time, the export volume index went down by 1.8 per cent in line with the decrease in the index of mineral fuels (-14.8 per cent), food (-8.0 per cent), and chemicals (-3.9 per cent),” he said in a statement.

Meanwhile, the seasonally adjusted export volume index declined by 9.3 per cent to 140.9 points from 155.4.

On an annual comparison, the unit value index grew 2.4 per cent and the volume index decreased by 12.0 per cent.

Mohd Uzir said the 1.0 per cent fall in the import unit value index in December 2023 was due to a decrease in the index of mineral fuels (-4.5 per cent), machinery and transport equipment (0.5 per cent), and chemicals (-0.5 per cent).

He added that the import volume index also dropped by 1.6 per cent in December 2023 versus the previous month, due to the contraction in the chemicals (-6.3 per cent), machinery and transport equipment (-3.8 per cent), and miscellaneous manufactured articles (-1.2 per cent) indices.

“The seasonally adjusted import volume index edged up by 0.2 per cent to 188.4 points from 188.1 points. The yearon-year comparison showed that the import unit value index shrank by 0.3 per cent, and the volume index rose by 3.4 per cent,” Mohd Uzir said.

Additionally, DOSM said Malaysia’s terms of trade expanded by 0.1 per cent month-on-month to 114.6 points in December 2023, driven by the increase in the index of mineral fuels (+2.2 per cent), food (+0.9 per cent), and inedible crude materials (+0.8 per cent).

On a year-on-year basis, its terms of trade grew by 2.7 per cent from 111.6 points in December 2022, said DOSM.