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November Food Exports Down 11.7% MoM By Volume

Business Today ·  Dec 29, 2024 16:24
Port Klang, Malaysia
Port Klang, Malaysia

Malaysia's November Food export volume or quantity contracted by 11.7% month-on-month (MoM), and decreased by 7.3% year-on-year (YoY), according to the Deparment of Statistics Malaysia (DOSM).

The percentages were derived based on External Trade Indices, unit value index and volume index, using 2010 as base year for various export and import categories.

Month-on-month, total export value dropped 1.2% to RM121.6 billion, from RM128.1 billion recorded in October. In terms of volume, total exports declined by 2.1% MoM. Basing on the value index, the export grew 0.9% MoM.

Total imports in November 2024 amounted to RM109.5 billion, reducing by 4.3% MoM from RM116.3 billion in October. Import value index grew by 0.5% MoM while import volume contracted by 4.8% MoM in November.

Month-on-month (MoM, October 2024 vs November 2024)

In November this year, the export categories that experienced growth MoM included Animal & Vegetable Oils & Fats (+4.7%), Mineral Fuels & Lubricants (+1.9%) and Food (+1.8%). Miscellaneous Commodities, meanwhile, contracted by 1.8% MoM.

In terms of export volume, Animal & Vegetable Oils & Fats exports reduced by 5.0%, Mineral Fuels & Lubricants decreased by 1.9%, while Food export volume contracted by 11.7%.

Concerning imports, Animal & Vegetable Oils & Fats import value increased 7.9% MoM while Mineral Fuels & Lubricants grew 1.7% MoM. Volume-wise, Animal & Vegetable Oils & Fats imports surged 25.2% while Mineral Fuels & Lubricants imports declined by 12.9%.

While import categories generally did not show major changes in value terms in November, the volume imported showed notable increases and decreases. For instance, against a 0.5% aggregate import growth MoM (in value), the aggregate volume in the same month contracted by 4.8%.

Likewise, a 0.7% growth MoM in Food imports corresponded to a 2.9% contraction in volume. A 0.2% reduction MoM in Beverages & Tobacco corresponded with 3.5% increase in volume. A 0.4% growth MoM in Crude Materials Non-edible corresponded to 5.7% expansion in volume. A 0.2% reduction MoM in Chemicals corresponded with a 7.4% decrease in volume imported.

Manufactured Goods imports contracted 0.02% MoM by value in November, corresponding to a 2.4% reduction in volume. Machinery & Transport Equipment decreased by 0.2% MoM and corresponded to a 5.8% contraction by volume. Lastly, Miscellaneous Manufactured Articles grew 0.4% MoM, corresponding to a growth of 9.2% in import volume.

Year-on-Year (YoY, November 2023 vs November 2024)

Food export value rose 12.7% YoY in November while the export volume contracted by 7.3% YoY.

Beverages & Tobacco export value also grew by 9.5% YoY, followed by Crude Materials Non-edible which expanded 5.3% YoY, Animal & Vegetable Oils & Fats which increased by 6% YoY.

On the contrary, Mineral Fuels & Lubricants contracted by 11.1% from a year earlier.  

In terms of export volume, Beverages & Tobacco exports declined by 15.8%, Crude Materials Non-edible decreased by 16.0%, and Mineral Fuels & Lubricants export volume dropped 17.4%.

Animal & Vegetable Oils & Fats export volume rose 8.3% YoY, Machinery & Transport Equipment export volume rose 13.2% YoY, and Miscellaneous Manufactured Articles export volume grew by 21.3%.

In November, Animal & Vegetable Oils & Fats import value grew by 12.3% YoY, while the corresponding volume surged by 61.7%. Mineral Fuels & Lubricants import value declined by 12.8% as the import volume contracted 10.0%, largely in line with the decrease in import value.

Miscellaneous Commodities import value grew 27.5% YoY as the volume expanded by just 12.2%. Notably, Machinery & Transport Equipment import value reduced by 2.8% YoY, while the corresponding import volume grew by 14.9%.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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