October exports hit a six-month high amid resilient E&E demand
Exports rose 15.7% (Sep: 12.5%), a six-month high, far above expectations (KIBB: 3.9%; consensus: 7.6%)
- MoM (6.7%; Sep: 5.9%): Expanded for the second straight month, showing steady momentum into 4Q25.
Strong shipments to East Asian countries, and solid E&E exports boosted overall growth
- By destination: Shipments to East Asian countries surged, led by Taiwan (38.7%; Sep: 8.6%), followed by Hong Kong (36.7%; Sep: -13.3%), and South Korea (16.8%; Sep: -0.7%). Among the top five export destination, shipments to Singapore (27.2%; Sep: 28.7%), and EU (23.8%; Sep: 19.7%) remained solid. Notably, exports to China (7.5%; Sep: 2.9%) and Japan (6.6%; Sep: -5.2%) also expanded. However, shipments to the US fell by 2.6 (Sep: 24.2%) after a sharp rebound in the previous month, reflecting the impact of higher US tariffs.
- By sector: It was a broad-based improvement. Led by manufacturing (15.7%; Sep: 12.8%), agriculture (20.3%; Sep: 6.4%) and mining (8.0%; Sep: 4.3%).
- By major product: Electrical & Electronic (E&E) exports rose sharply (26.5%; Sep: 19.5%), accounting for 52.9% of total exports for the month. A recovery and expansion in the commodities-related exports also lifted export growth, led by palm oil & palm-based products (23.8%; Sep: 8.6%) and crude petroleum (38.1%; Sep: -17.3%). However, liquified natural gas (LNG) (-17.6%; Sep: -13.2%) fell for the sixth straight month.
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