KUALA LUMPUR: Malaysia saw a 0.9 per cent drop in export prices to 148.0 points in December last year from 149.3 points in the previous month.
According to the Department of Statistics Malaysia (DOSM), import prices fell 1.0 per cent from 130.9 points to 129.6 points.
Despite this, Malaysia's terms of trade experienced a marginal 0.1 per cent month-on-month growth, reaching 114.6 points in December 2023, according to the DOSM's latest report on external trade indices.
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin reported a 0.9 per cent decline in the export unit value index in December 2023 compared to the prior month.
"This decrease was primarily driven by reductions in the index of animal and vegetable oils and fats (-3.6 per cent), mineral fuels (-2.4 per cent), and manufactured goods (-0.5 per cent).
"At the same time, the export volume index went down by 1.8 per cent in line with the decrease in the index of mineral fuels (-14.8 per cent), food (-8.0 per cent) and chemicals (-3.9 per cent).
"The seasonally adjusted export volume index declined by 9.3 per cent from 155.4 points to 140.9 points. Referring to the annual comparison, the unit value index grew 2.4 per cent and volume index decreased by 12.0 per cent," he said in a statement today.
Malaysia witnessed a 1.0 per cent contraction in the import unit value index in December 2023, influenced by declines in the index of mineral fuels (-4.5 per cent), machinery and transport equipment (-0.5 per cent), and chemicals (-0.5 per cent).
The import volume index recorded a 1.6 per cent decline compared to the previous month, attributed to contractions in the index of chemicals (-6.3 per cent), machinery and transport equipment (-3.8 per cent), and miscellaneous manufactured articles (-1.2 per cent).
The seasonally adjusted import volume index slightly increased by 0.2 per cent, moving from 188.1 points to 188.4 points.
In the year-on-year (YoY) analysis, there was a 0.3 per cent decline in the import unit value index, whereas the volume index exhibited a 3.4 per cent increase.
According to DOSM, Malaysia saw a 0.1 per cent month-on-month increase in its terms of trade, reaching 114.6 points.
This expansion was driven by a 2.2 per cent increase in the index of mineral fuels, a 0.9 per cent rise in food, and a 0.8 per cent uptick in inedible crude materials.
Additionally, Malaysia's terms of trade experienced a 2.7 per cent year-on-year growth, up from 111.6 points in December of the preceding year.