Malaysia’s Export And Import Prices Higher In December 2024, Says DOSM

KUALA LUMPUR, Jan 28 (Bernama) -- Malaysia’s export prices rose by 1.1 per cent to 150.7 points in December 2024, compared to 149.1 points in the previous month, while import prices increased by 0.9 per cent to 128.0 points, driven by oil-based commodities and mineral fuels, according to the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said this increase was primarily driven by an increment in the indices of animal and vegetable oils and fats (+8.3 per cent), mineral fuels (+0.7 per cent) and machinery and transport equipment (+0.5 per cent).

“At the same time, the export volume index also increased by 8.5 per cent in line with the increment in the index of mineral fuels (+13.0 per cent), machinery and transport equipment (+12.7 per cent) and manufactured goods (+11.6 per cent).

bootstrap slideshow

“The seasonally adjusted export volume index expanded by 3.1 per cent from 159.0 points to 163.9 points. Referring to the annual comparison, the unit value index and volume index expanded by 1.8 per cent and 14.8 per cent,” he said in a statement today.

Meanwhile, he said the import unit value index rose by 0.9 per cent in December 2024, driven by higher indices for mineral fuels (+4.1 per cent), food (+0.7 per cent), and manufactured goods (+0.4 per cent).

Similarly, according to DOSM, the import volume index surged by 6.3 per cent compared to the previous month, supported by increases in the indices of machinery and transport equipment (+10.4 per cent), chemicals (+7.2 per cent), and manufactured goods (+6.0 per cent).

bootstrap slideshow

The seasonally adjusted import volume index increased by 1.0 per cent, from 199.4 points to 201.4 points.

On a year-on-year basis, the import unit value index declined by 0.5 per cent, while the import volume index rose by 12.5 per cent.

DOSM stated that Malaysia’s terms of trade improved by 0.2 per cent month-on-month to 117.7 points in December 2024, driven by higher indices for animal and vegetable oils and fats (+5.3 per cent), inedible crude materials (+3.3 per cent), and machinery and transport equipment (+0.4 per cent).

On a year-on-year comparison, Malaysia’s terms of trade climbed by 2.4 per cent from 115.0 points in December 2023.

-- BERNAMA