Malaysia’s import, export unit values up 2.1% and 1.3% in February

by ANIS HAZIM / pic by MUHD AMIN NAHARUL

MALAYSIA’S export and import unit value indices for February 2022 grew 2.1% and 1.3% respectively, the Department of Statistics Malaysia (DoSM) said.

Chief Statistician Datuk Sri Dr Mohd Uzir Mahidin said the export unit value growth was supported by the increases in the indexes of mineral fuels (8%), animal and vegetable and oil fats (2.2%), and machinery and transport equipment (0.7%).

“Meanwhile, the export volume index fell 9.8% in the same month, reflected by the deterioration in the indexes of manufactured goods (-14.9%), machinery and transport equipment (-12.2%), and miscellaneous manufactured articles (-10.9%),” Mohd Uzir said in the statement accompanying the external trade indices report.

“The seasonally adjusted export volume index grew 2.8% from 155.6 points to 160 points,” he said.

In an annual comparison, he noted that both export unit value and volume index continued to expand by 16.4% and 0.3% respectively.

“The import unit value index grew 1.3% in February 2022 as compared to the previous month, contributed by the improvement in the index of mineral fuels (9%), animal and vegetable oils and fats (1.2%) and chemicals (0.2%).”

However, he said the import volume index fell by 12% in February 2022 as compared to the previous month, attributed to the deterioration in the indexes of manufactured goods (-16.3%), machinery and transport equipment (-13.1%), and chemicals (-10.4%).

“The seasonally adjusted import volume index in February 2022 increased by 0.4% from 169.7 points to 170.3 points,” he noted.

On a year-on-year (YoY) basis, both the import unit value and volume indices expanded 7.5% and 10.1% respectively, according to Mohd Uzir.

Moreover, DoSM also reported that Malaysia’s terms of trade increased by 0.8% month-on-month (MoM) to 109.9 points in February 2022.

On a YoY basis, Malaysia’s terms of trade performance showed positive growth of 8.3% from 101.5 points in February of the previous year.