Malaysia's August exports, imports skid

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KUALA LUMPUR (Oct 2): Malaysia’s exports fell 14.5% month-on-month (m-o-m) to RM79.1 billion in August while imports declined 2.2% to RM65.9 billion.

The exports unit value index shrank 0.2% m-o-m to 109.7 points in August due to the decreases in the indices of mineral fuels, machinery and transport equipment, and inedible crude materials.

The Malaysian Statistics Department said in a statement, the indices of mineral fuels fell 2.7%, machinery and transport equipment dropped by 0.6%, and inedible crude materials decreased by 0.6%.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said that similarly, the export volume index also dropped 14.4% to 135.6 points, attributed to the decreases in the indices of animal and vegetable oils and fats (-20.1%), machinery and transport equipment (-18.4%) and mineral fuels (-13.4%).

In seasonally adjusted terms, the export volume index registered a drop of 12.5% to 134.5 points.  

When compared to the previous year, the export unit value index dropped 4.9% while the export volume index rose 2.1%.

Mohd Uzir said in August the import unit value index recorded a marginal growth of 0.1% to 113.4 points when compared to the previous month.

The growth was contributed by the increases in the indices of mineral fuels (+1.3%) and manufactured goods (+0.3%).

In contrast, the import volume index shrank 2.3% to 132.2 points, due to the declines in the indices of manufactured goods (-11.6%), mineral fuels (-9.4%) and machinery and transport equipment (-4.4%).

In seasonally adjusted terms, the import volume index in August 2020 dropped 2.5% to 127.5 points.

On a year-on-year (y-o-y) basis, both the import unit value and volume indices decreased 3.6% and 3.0% respectively.

Mohd Uzir said Malaysia’s terms of trade registered a marginal decrease of 0.1% to 96.7 points as compared with July 2020.

On a y-o-y basis, Malaysia’s terms of trade also dropped 1.4% from 98.1 points.

Surin Murugiah