In its External Trade Indices May 2024 report released today, the department said Malaysia’s terms of trade also increased by 0.7% month-on-month (m-o-m) to 114.8 points.

Chief statistician Uzir Mahidin said the rise in the export unit value index in May 2024 was due to the increase in the index of mineral fuels by 1.5%, chemicals (0.5%), and machinery and transport equipment (0.3%).

Additionally, it reported the export volume index rose by 11% in line with the increase in the index of miscellaneous manufactured articles by 21.2%; machinery and transport equipment (11.9%) and mineral fuels (7.5%).

“The seasonally adjusted export volume index also increased by 21.7% from 141.7 points to 172.5 points.

“Concerning the annual comparison, the unit value index and volume index increased by 6.1% and 1.2%, respectively,” it said.

Meanwhile, it said that the import volume index grew by 10.3% in May 2024 compared to April 2024, attributed to the increase in the index of mineral fuels by 26%, machinery and transport equipment (10.9%) and manufactured goods (6%).

It said the seasonally adjusted import volume index increased by 20.9% from 182.6 points to 220.9 points.

The department also said the year-on-year (y-o-y) comparison showed that the import unit value index and volume index expanded by 2.4% and 11.1%, respectively.

“Malaysia’s terms of trade spread by 0.7% m-o-m to 114.8 points in May 2024, driven by the increment in the index of machinery and transport equipment by 1.6%, inedible crude materials (1.2%) and food (1%).

“Malaysia’s terms of trade edged up by 3.6% y-o-y from 110.8 points in May of the previous year,” it added.