Overall trade continued to fall in September on weak commodity demand
Exports fell for the fourth straight month in September (-16.2% YoY; Aug: -21.2%), a bigger drop than consensus’ -13.5%, due to weak commodity prices, and subdued external demand
- MoM: fell (-5.6%; Aug: 5.4%) to a five-month low.
Export growth was mainly weighed by weak shipment of non-O&G products but supported by a rebound in O&G
- Non-O&G (-17.7%; Aug: -21.3%): growth contracted for the fourth straight month due to a broad-based slowdown, led by weak mining (-41.9%; Aug: -33.3%), followed by agriculture (-15.0%; Aug: -30.0%) and manufacturing (-9.0%; Aug: -17.5%) products. By destination, weak demand was recorded across major trading partners, led by Japan (35.6%; Aug: -29.0%), followed by China (-15.9%; Aug: -12.9%) and the US (-13.1%; Aug: -17.7%).
- O&G (11.6%; Aug: -20.7%) rebounded sharply for the first time in seven months due to a surge in manufacturing YoY growth (67.4%; Aug: 11.5%).
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