Exports and imports contracted in December on subdued demand
Exports fell for the seventh straight month (-5.8% YoY; Nov: -8.6%), but better than consensus (-8.1%). Overall, 2023 export growth fell by 11.3% (2022: 26.0%), slightly above our forecast of -11.5%
- MoM: rebounded (1.9%; Nov: -0.7%) to a two-month high.
Weak export growth due to subdued Non-O&G but partially mitigated by expansion in O&G products
- Non-O&G (-6.2%; Nov: -9.8%): growth contracted for the seventh straight month due to a persistent weakness led by mining (-12.2%; Nov: -27.5%), followed by manufacturing (-4.3%; Nov: -3.5%) and agriculture (-3.9%; Nov: 11.5%) products. Nevertheless, the rate of contraction eased due to the lapse of the high base effect recorded in 2022. By destination, shipment to major trading partners remained weak, led by Japan (-22.5%; Nov: -24.0%), followed by China (-0.3%; Nov: -13.9%) and the US (-0.4%; Nov: -7.5%).
- O&G (1.5%; Nov: 16.4%): slowed sharply, due to a sharp contraction in mining (-23.7%; Nov: 9.7%) although manufacturing growth surged (91.1%; Nov: 39.9%), an 11-month high.
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