Malaysia’s export volume fell 9.1% in May

by FAYYADH JAAFAR / pic by MUHD AMIN NAHARUL

MALAYSIA’S export volume decreased 9.1% in May due to a lower index of manufactured goods (-11.8%), miscellaneous manufactured articles (-14.2%) and machinery and transport equipment (-6.8%).

The seasonally adjusted export volume index fell 9.1% from 162.2 points to 152.4 points, according to chief statistician Datuk Seri Dr Mohd Uzir Mahidin (picture).

However, the export unit value index rose 3.9% in May compared to the previous month.

“The export unit value index grew 3.9% in May 2022 compared to the previous month, supported by the increases in the index of mineral fuels (+9.6%), animal and vegetable oil and fats (+6%) and machinery and transport equipment (+2.4%),” he said.

“On annual comparison, both export unit value and volume indices continued to grow by 22.2% and 6.9% respectively.”

Export prices in May remained stable at 143 points, a 3.9% increase from the previous month’s value of 132.7 points.

The import unit value index also registered an increase of 2.9% to 132.7 points. Likewise, Malaysia’s terms of trade turned around to post an increase of 1%, month-on-month (MoM) to 112 points in May 2022, as reported today in “External Trade Indices (2010=100), May 2022”, published by the Department of Statistics Malaysia (DoSM).

In addition, the import unit value index grew 2.9% in May 2022 compared to the previous month, contributed by the increases in the index of animal and vegetable oils and fats (+11.7%), mineral fuels (+11%) and machinery and transport equipment (+1.9%).

Similarly, the import volume index also grew 0.7% in May 2022 compared to the previous month, contributed by the increases in the index of foods (+9.5%), machinery and transport equipment (+6.3%) and miscellaneous manufactured articles (+4%).

Correspondingly, the seasonally adjusted import volume index in May 2022 also increased by 0.7%, from 177 points to 185.6 points.

On a year-on-year (YoY) basis, both the import unit value and volume indices rose 12.9% and 21.7%, respectively.

DoSM also reported that Malaysia’s terms of trade grew by 1% MoM to 112 points in May 2022, contributed by the increase in the index of miscellaneous transactions and commodities (+22.3%), machinery and transport equipment (+0.57%) and miscellaneous manufactured articles (+0.55%).

On a YoY basis, Malaysia’s terms of trade performance showed positive growth of 8.2% from 103.5 points in May of the previous year.