June exports and total trade fell to 18-month low; missed expectations
Exports contracted for the second straight month, falling 3.5% (May: -1.2%), marking 18-month low and missing expectations (KIBB: 1.6%; consensus: 5.4%)
- MoM (-3.9%; May: -5.2%): declined for the third straight month, disappointing expectations for pre-tariff front-loading.
Weak exports to key destinations and soft commodity shipments dragged overall performance
- By destination: Shipments fell to Singapore (-16.9%; May: -18.0%), China (-9.3%; May: -4.3%), and Japan (-1.6%; May: -25.8%), for a second straight month. Shipments to the US (4.7%; May: 16.1%) slowed sharply but remained positive, while the EU (4.6%; May: 6.0%) also moderated.
- By sector: manufacturing exports (-3.3%; May: -0.3%) contracted for the second straight month, an 18-month low. Mining (-28.7%; May: -23.5%) fell further, reaching a four-month low. However, agriculture (17.5%; May: 8.2%) surged, hitting a four-month high, partially offsetting the overall decline.
- By major product: electrical & electronic (E&E) exports (1.3%; May: 7.1%) which account for 44.3% of total exports, slowed to a nine-month low peaking in April (35.3%). Commodities-related exports remained weak, led by petroleum products (-28.1%; May: -9.3%), liquified natural gas (LNG) (-26.5%; May: 6.7%) and crude petroleum (-42.7%; May: -8.5%).
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