KUALA LUMPUR (July 26): Malaysia's terms of trade, which measures the country's export prices relative to import prices, rose 1.3% month-on-month to 116.3 points in June 2024, driven by higher mineral fuel prices, according to the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the mineral fuels index rose by 5.4%, followed by animal and vegetable oils and fats (+2.8%) and food (+1.1%).

Year-on-year, Malaysia’s terms of trade improved by 5.4% from 111.4 points in June 2023.

Mohd Uzir said the export unit value index increased by 0.6% in June 2024, rising from 150.3 points the previous month to 151.2 points, driven by a 2.4% rise in the mineral fuels index, along with increases in food (+1.2%) and machinery and transport equipment (+0.2%).

In contrast, the export volume index decreased by 2.1%, reflecting declines in the indices for manufactured goods (-13.8%), animal and vegetable oils and fats (-13.6%), and miscellaneous manufactured articles (-7.7%).

The seasonally adjusted export volume index fell by 13.5%, from 172.2 points to 149 points.

“Regarding the annual comparison, the unit value index edged up by 6.6%, while the volume index edged down by 4.6%,” he said in a statement.

Meanwhile, the import unit value index fell by 0.7% in June 2024, due to decreases in the indices for animal and vegetable oils and fats (-6%), mineral fuels (-2.8%) and chemicals (-0.5%).

The import volume index also dropped by 4.7% in June 2024 compared to May 2024, attributed to declines in the indices for manufactured goods (-13%), chemicals (-6.1%), and machinery and transport equipment (-2.8%).

The seasonally adjusted import volume index decreased by 15.7%, from 220.9 points to 186.2 points.

Year-on-year, the import unit value and volume indices increased by 1.2% and 16.4%, respectively.

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