Exports lose steam in November; trade surplus shrinks to six-month low
Exports slowed to 7.0% (Oct: 15.7%), the weakest in three months after reaching a six-month high in the previous month, and well below expectations (KIBB: 9.8%; consensus: 11.1%)
- MoM (-5.6%; Oct: 6.7%): Growth contracted, marking a three-month low, in line with seasonal trends as November typically records softer MoM growth.
Broad-based weakness across destinations and sectors
- By destination: Exports to East Asia slowed, with shipments to Japan (-4.9%; Oct: 6.0%) and South Korea (-8.2%; Oct: 17.8%) declined, while Hong Kong (17.8%; Oct: 36.7%) moderated. Taiwan (53.0%; Oct: 38.7%) bucked the trend, surging to a 11-month high. Among the top five destination, shipments to Singapore (4.1%; Oct: 27.2%) and the EU (13.2%; Oct: 23.8%) slowed sharply. Exports to the US (-0.9%; Oct: -2.6%) and Japan (-4.9%; Oct: 6.0%) contracted, while China (9.3%; Oct: 7.5%) posted a three-month high.
- By sector: Manufacturing exports slowed to 7.9% (Oct: 15.7%), and agriculture contracted (-6.0%; Oct: 20.0%), while mining strengthened (9.9%; Oct: 8.4%).
- By major product: Electrical & Electronic (E&E) exports slowed to 15.0% (Oct: 26.5%), though still accounted for 43.6% of total exports for the month. Commodities-related exports remained weak, particularly palm oil & palmbased products (-9.3%; Oct: 23.8%) and liquified natural gas (LNG) (-12.5%; Oct: -17.6%). Chemical & chemical products (-14.8%; Oct: -9.9%) remained weak, marking the 11th straight month of decline.
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