MALAYSIA'S EXPORT PRICES RISE 0.7% IN MAY 2024 -- DOSM

Malaysia's export prices in May 2024 increased by 0.7% 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, DOSM said Malaysia's terms of trade also increased by 0.7% 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%, chemicals (0.5%) and machinery and transport equipment (0.3%).

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

“The seasonally adjusted export volume index also increased by 21.7% 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% and 1.2%, respectively,” it said.

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

It said the seasonally adjusted import volume index went up by 20.9% 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% and 11.1%, respectively.

“Malaysia's terms of trade spread by 0.7% 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%, inedible crude materials (1.2%) and food (1.0%).

“Malaysia's terms of trade edged up by 3.6% y-o-y from 110.8 points in May of the previous year,” it added.