MALAYSIA'S EXPORT, IMPORT PRICES INCREASE 1.7%, 0.1% IN MARCH 2024 - DOSM

Malaysia's export prices grew 1.7% to 149.8 points in March from 147.3 points in February, while import prices saw a marginal uptrend of 0.1% from 129.9 points to 130.0 points, said the Department of Statistics Malaysia (DOSM).

It said Malaysia's terms of trade rose by 1.6% month-on-month (m-o-m) to 115.2 points due to increases in the index of mineral fuels (3.1%), animal and vegetable oils and fats (2.8%), and machinery and transport equipment (1.2%).

In a statement, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the increase in export unit value index in March was led by the increase in the index of mineral fuels (4.7%), animal and vegetable oils and fats (3.5%), and machinery and transport equipment (0.6%) in March 2024.

“Likewise, the export volume index rose by 13.6%, in line with the increase in the index of inedible crude materials (31.3%), machinery and transport equipment (24.6%) and miscellaneous manufactured articles (19%).

“The seasonally adjusted export volume index fell by 2.5% from 156.8 points to 152.9 points.

“On annual comparison, the unit value index increased by 5.1% while the volume index decreased by 5.6%,” he said.

As for imports unit value, Mohd Uzir said the index experienced a marginal 0.1% rise in March 2024, attributed to increases in the index of mineral fuels (1.6%), animal & vegetable oils and fats (0.7%), and manufactured goods (0.1%).

“Similarly, the import volume index also increased by 15.6% in March 2024 as compared to February 2024, attributed from the increment in the index of food (23.9), machinery and transport equipment (20.5) and mineral fuels (17.3),” he added.

In a separate statement, Mohd Uzir also noted that Malaysia's total trade for March 2024 amounted to RM244.5 billion, with exports and imports recorded at RM128.6 billion and RM115.8 billion, respectively.

He said exports of RM128.6 billion was a decrease of RM1 billion as compared to the same month of the previous year, amid lower exports in most states such as Selangor (-RM2.1 billion), Labuan (-RM1.6 billion), Melaka (-RM686.2 million), Sabah (-RM443.8 million), Sarawak (-RM260.9 million), Pulau Pinang (-RM129.8 million), Negeri Sembilan (-RM118.5 million), Johor (-RM44.6 million) and Perlis (-RM27 million).

However, exports increased in Perak by RM1.5 billion, Kuala Lumpur (+RM1.3 billion), Terengganu (+RM929.9 million), Pahang (+RM522 million), Kedah (+RM151.7 million) and Kelantan (+RM36.2 million), he said.

Mohd Uzir said Pulau Pinang remained the top exporter with a 32% share, followed by Johor (20%), Selangor (16.9%), Sarawak (8.1%), and Kuala Lumpur (4.5%).

Meanwhile, the increase in imports was attributed to the higher imports in most states, such as Johor (RM8.2 billion), Melaka (RM1.6 billion), Negeri Sembilan (RM1.2 billion), Kuala Lumpur (RM1 billion), Selangor (RM996.7 million), Kedah (RM419.7 million), Pahang (RM152.6 million), Terengganu (RM92.1 million), Kelantan (RM71 million), Sabah (RM55.5 million) and Labuan (RM30.3 million).

Johor dominates Malaysia's imports with a share of 27.9%, followed by Selangor (23.6%), Pulau Pinang (19.2%), Kuala Lumpur (7.5%), and Kedah (5.0%).