Malaysia’s export prices down 0.7% in Nov: DOSM

KUALA LUMPUR: Malaysia’s export prices fell 0.7 per cent in November 2022 while the import value index barely moved, according to the latest data from the Department of Statistics (DoSM).

In a statement today, it said the export unit value index dipped to 148.7 points from 149.7 points in the preceding month, while import unit value index eased by a marginal 0.01 per cent to 133.2 points.

The agency also noted that the country’s terms of trade continued to decline by 0.7 per cent month-on-month to 111.6 points in November 2022.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin attributed the lower export unit value index to the decline in the indices of animal and vegetable oils and fats (-6.8 per cent), inedible crude materials (-1.5 per cent) and mineral fuels (-0.6 per cent).

On the export volume index, he said it also decreased by 0.4 per cent in the same month due to the drop in the indices of mineral fuels (-23.6 per cent) and manufactured goods (-3.1 per cent).

“The seasonally adjusted export volume index rose 8.8 per cent from 153.3 points to 166.8 points. On an annual comparison, both export unit value and volume indices grew by 13.9 per cent and 1.5 per cent, respectively,” said Mohd Uzir.

On the fall in Malaysia’s terms of trade, DoSM said this was in line with the decrease in the indices of animal and vegetable oils and fats (-6.5 per cent), mineral fuels (-3.2 per cent) and inedible crude materials (-0.9 per cent).

Meanwhile, Malaysia’s terms of trade maintained a positive year-on-year growth of 4.3 per cent compared with 107.0 points in November 2021. –Bernama