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Export, import unit values indices record highest growth

MALAYSIA’S export and import unit value indices in January 2021 posted the highest positive growth within a year, rising 1.6% and 0.7% on a monthly basis respectively.

The Department of Statistics Malaysia (DoSM) said the export unit value index continued to sustain its positive trend for five consecutive months while the import unit value index showed a similar trend since December last year.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the positive export unit value was contributed by the growth in the index of mineral fuels at 8.5%, animal and vegetable oils and fats at 6.4%, and chemicals at 0.8%.

Mohd Uzir said the figure was reported in the DoSM’s External Trade Indices (2010=100) for January 2021, which reveals the unit value and volume index by sections for both exports and imports of goods.

He added that the export volume index declined 7.9% compared to the previous month, contributed by the weak performance of animal and vegetable oils and fats index, which dropped 49.7%, mineral fuels (-19.3%) and manufactured goods (-8.4%).

“The seasonally adjusted export volume index registered a drop of 7.3% from 154 points to 142.8 points.

“When compared to the previous year, the export unit value index dropped 1.9%, while the export volume index rose 8.7%,” he said in a statement yesterday.

For the import unit value, Mohd Uzir said the growth was contributed by the better performance of the index of mineral fuels, which rose 7.7%, chemicals (0.5%) and manufactured goods (0.4%).

Meanwhile, the import volume index contracted by 3.3%, attributed to the weak performance of the index of miscellaneous manufactured articles (-10.2%), chemicals (-7.1%) and machinery & transport equipment (-3.9%).

The seasonally adjusted import volume index in January 2021 declined 2% from 146.1 points to 143.1 points while on a year-on-year basis, the import unit value index declined 3.2% and the import volume index expanded 4.6%, Mohd Uzir said.

DoSM also reported that Malaysia’s terms of trade grew 0.9% on a monthly comparison from 100.2 points to 101.1 points in January 2021.

On an annual basis, Malaysia’s terms of trade also remained positive at 1.3% from 99.8 points in January of the previous year.

Source: The Malaysian Reserve

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