October exports drop for the first time in 19 months
Exports fell by 2.3% YoY (Sep: 11.4%), the first contraction in 19 months and missing consensus (3.4%)
- MoM (-1.8%; Sep: -1.1%): Declined for the second straight month and the steepest drop in four months.
Non-O&G export plunged amid weakened China demand
- Non-O&G (-0.5%; Sep: 12.8%): Fell for the first time in 19 months, due to persistent weakness in mining (-30.9%; Sep: -18.8%) and falling agriculture (-5.1%; Sep: 11.3%) shipments. Notably, manufacturing also slowed sharply (6.1%; Sep: 20.3%), the weakest since November 2024 (3.9%).
- Non-O&G top destination: Lower shipments observed from major destinations, led by a sharp moderation to China (1.0%; Sep: 12.8%), followed by the US (7.4%; Sep: 9.1%) and persistent weakness to Japan (-5.4%; Sep: -16.3%).
- O&G (-33.6%; Sep: -13.6%): Contracted at the fastest pace in three months due to steep declines in manufacturing (-40.1%; Sep: -20.7%) and mining (-30.8%; Sep: -11.0%).
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