Malaysia's January 2021 export, import unit value indices record highest growth in 12 months

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the export unit value index continued to sustain the positive trend in five consecutive months, while the import unit value index showed a similar trend starting December 2020.

This was reported in the DoSM's External Trade Indices (2010=100), January 2021, which presents the unit value and volume index by sections for both exports and imports of goods.

"The export unit value index posted a positive growth at 1.6 per cent in January 2021, contributed by the growth in the index of mineral fuels (8.5 per cent), animal and vegetable oils and fats (6.4 per cent) and chemicals (0.8 per cent).

"Nevertheless, the export volume index declined 7.9 per cent compared with the previous month which was attributed to the weak performance of the index of animal and vegetable oils and fats (-49.7 per cent), mineral fuels (-19.3 per cent) and manufactured goods (-8.4 per cent).

"The seasonally adjusted export volume index registered a drop of 7.3 per cent from 154.0 points to 142.8 points," Mohd Uzir said.

Compared to the previous year, he said the export unit value index dropped 1.9 per cent, while the export volume index rose 8.7 per cent.

On Import, Mohd Uzir commented that the import unit value index grew 0.7 per cent in January 2021 compared with the previous month.

"The growth was contributed by the better performance of the index of mineral fuels (7.7 per cent), chemicals (0.5 per cent) and manufactured goods (0.4 per cent).

"On the other hand, the import volume index contracted by 3.3 per cent which was attributed to the weak performance of the index of miscellaneous manufactured articles (-10.2 per cent), chemicals (-7.1 per cent) and machinery and transport equipment (-3.9 per cent).

"The seasonally adjusted import volume index in January 2021 declined two per cent from 146.1 points to 143.1 point," he noted

On a year-on-year basis, he said the import unit value index declined 3.2 per cent while import volume index expanded 4.6 per cent.

The DoSM also reported that Malaysia's terms of trade grew 0.9 per cent month-on-month from 100.2 points to 101.1 points in January 2021.

On a year-on-year basis, Malaysia's terms of trade also remained positive at 1.3 per cent from 99.8 points in January of the previous year, it added.