Exports and imports fell sharply in June, but trade surplus widened
Exports fell sharply in June (-21.2% YoY; May: 0.9%), lower than the consensus forecast (-18.7%), partly due to the high base effect recorded last year and weaker global trade activity
- MoM: contracted (-5.1%; May: 12.6%) after recording a sharp rebound in the previous month.
Export growth was weighed down by weak shipment of O&G and non-O&G products and subdued demand among major trading partners
- Non-O&G (-21.3%; May: 1.9%): growth contracted after a positive turnaround in the previous month. This was primarily attributed to a broad-based slowdown, led by weak mining (-37.9%; May: -21.0%), followed by manufacturing (-15.8%; May: 10.3%) and agriculture (-0.7%; May: 32.4%) products. Similarly, subdued demand was recorded across major trading partners, as reflected by Japan (-23.2%; May: 8.2%), the US (-20.6%; May: -0.2%) and China (-10.0%; May: 4.0%).
- O&G (-18.7%; May: -12.5%): remained contracted for the fourth straight month and weakest since November 2020 due to subdued mining (-24.5%; May: -11.1%) and manufacturing (-4.2%; May: -15.5%) products.
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