Stats Dept: Malaysia’s terms of trade up 0.6pc month-on-month in July 2023 

KUALA LUMPUR, Aug 28 — Malaysia’s terms of trade increased 0.6 per cent month-on-month to 111.0 points in July 2023, according to the Department of Statistics Malaysia (DoSM).

Chief statistician Datuk Seri Mohd Uzir Mahidin said export prices in July 2023 declined by 0.1 per cent to 141.6 points from June 2023, led by the decrease in the index of animal and vegetable oils and fats by 4.2 per cent, chemicals (0.6 per cent) and mineral fuels (0.2 per cent).

“In addition, the export volume index also fell by 5.7 per cent in the same month, in line with the decrease in the index of mineral fuels (13.9 per cent), machinery and transport equipment (7.5 per cent) and manufactured goods (7.2 per cent),” he said in a statement today.

Mohd Uzir said the seasonally adjusted export volume index declined 1.3 per cent to 155.7 points from 157.7 points previously.

On annual comparison, the unit value and volume indices decreased by 6.5 per cent and 7.0 per cent respectively, he said.

Meanwhile, Mohd Uzir said import prices fell 0.7 per cent to 127.6 points in July 2023 compared with June 2023.

He said the unit value index contracted by 0.7 per cent in July 2023, attributed by the decrease in the index of machinery and transport equipment by 2.0 per cent, animal and vegetable oils and fats (0.7 per cent) and chemicals (0.3 per cent).

He said the import volume index increased 2.0 per cent in July 2023 compared with June 2023, contributed by the increment in the index of machinery and transport equipment by 7.8 per cent, miscellaneous manufactured articles (6.9 per cent) and manufactured goods (5.0 per cent).

“In addition, Malaysia’s terms of trade increased by 0.6 per cent month-on-month to 111.0 points in July 2023, driven by the rise in the index of machinery and transport equipment (2.7 per cent), miscellaneous manufactured articles (1.1 per cent) and inedible crude materials (0.8 per cent).

“However, Malaysia’s terms of trade shrank by 1.0 per cent year-on-year from 112.2 points in July of the previous year,” he added. — Bernama