Exports down slightly in May, but better than expected on Asia-led demand
Exports fell marginally in May (-0.7 YoY; Apr: -17.6%), better than expectations (KIBB: -16.4%; consensus: 12.0%)
- MoM (13.7%; Apr: -18.9%): rebounded sharply to a two-month high, following the steepest drop in the previous month. This also signals that the slowdown in global trade may not be as severe as we expected earlier.
Exports were relatively supported by key sectors and trading partners especially from major Asian markets
- By destination: rebounded among main trading partners led by SG (6.8%; Apr: -1.4%), followed by JP (2.1%; Apr: -22.1%), CN (1.5%; Apr: -20.4%) and KR (10.3%; Apr:10.9%).
- By sector: supported by a rebound in manufacturing (1.8%; Apr: -15.5%) and mining (5.9%; Apr: -30.9%) sectors but partially weighed by sustain weakness in agriculture (-30.9%; Apr: -29.2%) sector.
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