The increase in exports can be attributed to increased exports to China, the European Union, Japan, Thailand, and the United States
As of Malay Mail’s 29 April report, Malaysia’s export and import unit value indices both increased by 4.7 percent and 2.3 percent month-on-month (MoM) in March 2022, resulting in a 2.3 percent growth in the country’s terms of trade to 112.5 points.
The increase in exports can be attributed to increased exports to China, the European Union, Japan, Thailand, and the United States, as reported by The Malaysian Reserve.
Electrical and electronic products, petroleum products, palm oil and palm oil-based agriculture products, liquefied natural gas, crude petroleum, and palm oil-based manufactured products, drove the expansion of export.
Chief statistician Datuk Seri Mohd Uzir Mahidin cited the Department of Statistics Malaysia’s (DoSM) External Trade Indices report for March 2022, which revealed that the export unit value index’s growth was driven by increases in mineral fuels (17.1 percent), animal and vegetable and oil fats (7.7 percent), as well as machinery and transport equipment (up 1.1 percent).
“On a year-on-year (YoY) basis, Malaysia’s terms of trade performance showed positive growth of 9.5 percent from 102.8 points in March last year,” he said.
Mohd Uzir noted that March’s export volume index increased 23 percent from the previous month while import volume index climbed 24.5 percent.
The country is the second-largest palm oil producer in the world after Indonesia, and it is emerging as the top source of India’s palm oil imports, according to The Statesman.
As aforementioned, Indonesia is the world’s top producer of palm oil, but because of its volatile export policies, consumers from India have shifted to sourcing from Malaysia.
“Malaysia is the biggest beneficiary of Indonesia’s unpredictable policies,” said BV Mehta, executive director of Solvent Extractors Association of India (SEA). “As Indonesia is not in the market, Malaysia is selling more palm oil, and at near-record high prices.”
The Property Report editors wrote this article. For more information, email: [email protected].
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