Exports, imports unit value indices record growth in February

KUALA LUMPUR: Malaysia’s export and import unit value indices recorded positive growth in February 2022, at 2.1 per cent and 1.3 per cent, respectively, according to the Department of Statistics Malaysia (DOSM) External Trade Indices report for February 2022.

Chief statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said the export unit value index’s growth was supported by the increases in mineral fuels (8.0 per cent), animal and vegetable and oil fats (2.2 per cent), as well as machinery and transport equipment (0.7 per cent) indices.

“On the other hand, the export volume index fell 9.8 per cent in the same month, reflected by the deterioration in the manufactured goods (-14.9 per cent), machinery and transport equipment (-12.2 per cent) and miscellaneous manufactured articles (-10.9 per cent) indices,” he said in a statement.

Mohd Uzir said the seasonally adjusted export volume index grew 2.8 per cent from 155.6 points to 160.0 points, while year-on-year (y-o-y), both export unit value and volume index continued to expand at 16.4 per cent and 0.3 per cent, respectively.

Meanwhile, he said the import unit value index’s growth was driven by the improvement in mineral fuels (9.0 per cent), animal and vegetable oils and fats (1.2 per cent) and chemicals (0.2 per cent) indices.

Conversely, the import volume index fell by 12.0 per cent in February 2022 compared to January 2022, due to the deterioration in the index of manufactured goods (-16.3 per cent), machinery and transport equipment (-13.1 per cent), and chemicals (-10.4 per cent).

“The seasonally adjusted import volume index in February 2022 increased by 0.4 per cent from 169.7 points to 170.3 points.

“On a y-o-y basis, both import unit value and volume indices expanded 7.5 per cent and 10.1 per cent, respectively,” he said.

DoSM also reported that Malaysia’s terms of trade increased by 0.8 per cent monthon-month to 109.9 points in February 2022, while y-o-y, it showed a positive growth of 8.3 per cent.