by SUFEA SALEHUDDIN / pic TMR FILE 

MALAYSIA’S trade picture for November 2023 showed a rise in export prices by 2% to 149.3 points while import prices dipped by 0.8% to 130.2 points.

This resulted in a 2.9% increase in terms of trade, reaching 114.7 points.

The surge was fuelled by increased indices in mineral fuels (+14.3%); animal and vegetable oils, and fats (+1.7%); and inedible crude materials (+1.2%).

Year-on-year (YoY), Malaysia’s terms of trade exhibited a growth of 2.7% from the previous year.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin highlighted that exports saw a notable 2% increase in unit value index, led by rises in mineral fuels, inedible crude materials and food. However, export volume dipped by 5.1%.

“The export unit value index saw a notable increase of 2%, driven by significant rises in mineral fuels (+11%), inedible crude materials (+1.1%) and food (+0.5%).

“However, the export volume index faced a dip of 5.1%, primarily due to decreases in machinery and transport equipment (-7.4%), mineral fuels (-5.1%) and miscellaneous manufactured articles (-5.0%).

“Nonetheless, the seasonally adjusted export volume index remained stable at 155.8 points,” he said in a statement.

On import, the unit value index dropped by 0.8% and import volume decreased by 2.3% in November 2023. Notably, mineral fuels, inedible crude materials and food contributed to this decline.

“The unit value index witnessed a decline of 0.8% in November 2023, attributed to decreases in mineral fuels (-2.9%), machinery and transport equipment (-0.9%), and chemicals (-0.2%).

“Correspondingly, the import volume index also contracted by 2.3%, driven by declines in mineral fuels (-15.2%), inedible crude materials (-7.2%) and food (-3.2%).

“The seasonally adjusted import volume index decreased by 3.8% to 189.4 points,” Mohd Uzir added.

In a yearly comparison, the import unit value index decreased by 2.2%, while the volume index saw a positive growth of 4.2%.