PETALING JAYA: Malaysia’s export prices in February 2024 rose by 0.1% to 147.3 points from 147.2 points in the previous month while import prices increased by 1.1% to 129.9 points from 128.5 points.
However, terms of trade decreased by 1% month-on-month to 113.4 points in February 2024.
Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, “The export unit value index went up by 0.1% in February 2024 as compared to the previous month, led by the increase in the index of chemicals (+1.0%), miscellaneous manufactured articles (+0.7%) and machinery & transport equipment (+0.7%). However, the export volume index went down by 9.1% in line with the decrease in the index of animal & vegetable oils & fats (-21.9%), mineral fuels (-9.8%) and machinery & transport equipment (-9.2%).”
He added that the seasonally adjusted export volume index fell by 4.1% from 163.5 points to 156.8 points.
On annual comparison, the unit value index increased 4.3% while volume index decreased by 5%.
The import unit value index rose by 1.1% in February 2024, contributed by the increase in the index of mineral fuels (+2%), machinery & transport equipment (+1.7%) and miscellaneous manufactured articles (+0.3%). Meanwhile, the import volume index decreased by 11.4% in February 2024 as compared to the previous month, attributed from the decrement in the index of food (-26.7%), manufactured good (-19.3%) and machinery & transport equipment (-11.8%).
The seasonally adjusted import volume index edged down by 6.5% from 208.0 points to 194.4 points. Year-on-year comparison showed that the import unit value index and volume index rose by 0.9% and 7.4%, respectively.
In addition, Malaysia’s terms of trade slipped by 1% month-on-month to 113.4 points in February 2024, driven by the decrement in the index of mineral fuels (-5.1%), machinery & transport equipment (-1%) and animal & vegetable oils & fats (-0.8%).
Malaysia’s terms of trade grew by 3.4% year-on-year from 109.7 points in February of the previous year.
Meanwhile, Malaysia’s Producer Price Index, which measures the price changes of goods at the producer level, increased by 0.3% in February 2024 from a negative 0.6% in January 2024.
Mohd Uzir said the agriculture, forestry & fishing sector inclined 6.0% (January 2024: 3.2%), contributed by growing of perennial crops (8.1%), fishing (7.5%) and animal production (4.3%) indices. At the same time, the mining sector recorded an increase of 5.3% (January 2024: -1.3%) with the index of extraction of crude petroleum posting a 7.9% increase.
The water supply index went up 3.6% in February 2024 (January 2024: 0.6%) following the increase in water tariffs across the country starting on Feb 1, 2024. The electricity & gas supply sector also slightly up by 0.1% in this month (January 2024: -0.8%). Meanwhile, the manufacturing sector continued to decline by negative 0.7% (January 2024: -0.9%) attributed to the drop in manufacture of coke & refined petroleum products (-12.6%) and manufacture of food products (-3.3%) indices.”
