MALAYSIA'S EXPORT UNIT VALUE INDEX SLIPS IN DECEMBER 2023 -- DOSM

Malaysia's export unit value index slipped by 0.9% to 148.0 points in December 2023 from 149.3 points in the previous month, said the Department of Statistics (DOSM).

The import unit value index decreased by 1.0% 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%), mineral fuels (-2.4%) and manufactured goods (-0.5%).

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

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

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

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

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

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

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

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