KUALA LUMPUR — According to the Department of Statistics Malaysia (DOSM), Malaysia witnessed slight fluctuations in export and import prices in March 2024. Export prices increased by 1.7 per cent to 149.8 points from 147.3 points in February, while import prices saw a marginal uptrend of 0.1 per cent from 129.9 points to 130.0 points. The DOSM reported that Malaysia’s terms of trade rose by 1.6 per cent month-on-month (m-o-m) to 115.2 points, primarily due to increases in the index of mineral fuels (3.1 per cent), animal and vegetable oils and fats (2.8 per cent), and machinery and transport equipment (1.2 per cent).
Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin stated in a release today that the increase in export unit value index in March was led by the rise in the index of mineral fuels (4.7 per cent), animal and vegetable oils and fats (3.5 per cent), and machinery and transport equipment (0.6 per cent) in March 2024. He added, “Likewise, the export volume index rose by 13.6 per cent, in line with the increase in the index of inedible crude materials (31.3 per cent), machinery and transport equipment (24.6 per cent), and miscellaneous manufactured articles (19 per cent). The seasonally adjusted export volume index fell by 2.5 per cent from 156.8 points to 152.9 points. On annual comparison, the unit value index increased by 5.1 per cent while the volume index decreased by 5.6 per cent.”
Regarding import unit value, Mohd Uzir mentioned that the index experienced a marginal 0.1 per cent rise in March 2024, attributed to increases in the index of mineral fuels (1.6 per cent), animal and vegetable oils and fats (0.7 per cent), and manufactured goods (0.1 per cent). He further stated, “Similarly, the import volume index also increased by 15.6 per cent in March 2024 as compared to February 2024, attributed from the increment in the index of food (23.9), machinery and transport equipment (20.5), and mineral fuels (17.3).”
In a separate statement, Mohd Uzir noted that Malaysia’s total trade for March 2024 amounted to RM244.5 billion, with exports and imports recorded at RM128.6 billion and RM115.8 billion, respectively. He said exports of RM128.6 billion marked a decrease of RM1 billion compared to the same month of the previous year, amid lower exports in most states. However, exports increased in some states such as Perak, Kuala Lumpur, Terengganu, Pahang, Kedah, and Kelantan. Mohd Uzir mentioned that Pulau Pinang remained the top exporter, followed by Johor, Selangor, Sarawak, and Kuala Lumpur. Meanwhile, the increase in imports was attributed to higher imports in most states, such as Johor, Melaka, Negeri Sembilan, Kuala Lumpur, Selangor, Kedah, Pahang, Terengganu, Kelantan, Sabah, and Labuan. Johor dominated Malaysia’s imports, followed by Selangor, Pulau Pinang, Kuala Lumpur, and Kedah.
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