Malaysian export prices drop slightly in October

KUALA LUMPUR: Malaysia’s export prices in October 2022 dropped slightly by 0.05 per cent from 149.8 points in the preceding month to 149.7 points, while the “import unit value index” showed a positive performance of 0.6 per cent to 133.2 points.

Accordingly, Malaysia’s terms of trade showed a negative performance of 0.6 per cent month-on-month to 112.4 points in October 2022, according to the Department of Statistics Malaysia (DOSM).

Malaysia’s chief statistician Datuk Seri Mohd Uzir Mahidin said the “export unit value index” dipped 0.05 per cent in October 2022 compared with the previous month due to declines in the indices of animal and vegetable oils and fats (5.3 per cent), mineral fuels (3.4 per cent) and miscellaneous manufactured articles (0.4 per cent).

“At the same time, the export volume index also dropped 8.7 per cent in the same month, contributed by the declines in the indices of miscellaneous manufactured articles (17.8 per cent), animal and vegetable oils and fats (15.9 per cent) as well as machinery and transport equipment (14.9 per cent).

“The seasonally adjusted export volume index dropped 14.5 per cent from 179.4 points to 153.4 points,” he said in a statement.

The import unit value index increased by 0.6 per cent in October 2022 from a month before, contributed by the rises in the indices of machinery and transport equipment (2.5 per cent), miscellaneous manufactured articles (0.5 per cent), and food (0.2 per cent).

Mohd Uzir said the import volume index also increased by 0.4 per cent in October compared to the previous month, contributed by the increases in the indices of mineral fuels (18.0 per cent), food (4.8 per cent), and machinery and transport equipment (0.6 per cent).