Total trade grew 5.5% in December

by ASILA JALIL / pic by MUHD AMIN NAHARUL

MALAYSIA’S total trade recorded an upward trend with 5.5% growth in December 2021 compared to the previous month due to an increase in the export and import unit value indices by 0.2% each.

Export value rose by 10.4% to RM123.8 billion against RM112.2 billion in November 2021, reflected by the increment in exports of machinery and transport equipment (22.4%), animal and vegetable oils and fats (13.2%) and miscellaneous manufactured articles (7.8%).

On the other hand, imports dropped by 0.4% month-on-month (MoM) in December amounted to RM92.9 billion from RM93.3 billion the previous month, dragged by the decline in imports of mineral fuels (25.9%), animal and vegetable oils and fats (20.7%) and inedible crude materials (2.4%).

Trade value soared 63.6% MoM to RM31 billion.

Chief statistician Datuk Sri Dr Mohd Uzir Mahidin said the export unit value index grew 0.2% in December contributed by the increase in the index of animal and vegetable oils and fats (3.4%), machinery and transport equipment (0.8%) and chemicals (0.8%).

“Likewise, the export volume index grew 10.1% the same month, reflected by the increases in the index of machinery and transport equipment (+21.5%), chemicals (+9.3%) and miscellaneous manufactured articles (+7.7%).

“The seasonally adjusted export volume index rose 6% from 162.2 points to 172 points. On annual comparison, both export unit value and volume index grew 15.8% and 11.6% respectively,” he said in a recent statement.

He added that the import unit value index also grew 0.2% in December attributed to the increase in index of animal and vegetable oils and fats (7%), machinery and transport equipment (0.5%) and manufactured goods (0.5%).

Conversely, the import volume index dropped by 0.6%, attributed by the deterioration in index of animal and vegetable oils and fats (25.9%), mineral fuels (23.9%) and inedible crude materials (2.2%).

“The seasonally adjusted import volume index in December 2021 decreased by 1% from 168.7 points to 166.8 points. On a year-on-year basis, both the import unit value and volume indices expanded 8.4% and 14.1% respectively,” said Mohd Uzir.

The Department of Statistics Malaysia also reported that Malaysia’s terms of trade rose by 0.04% MoM to 107.1 points in December 2021. Malaysia’s terms of trade performance sustained positive growth at 6.9% from 100.2 points in December of previous year.