Exports hit 15-month low in May; trade balance shrinks to five-year low
Exports fell by 1.1% (Apr: 16.4%), a 15-month low and below expectations (KIBB: 4.7%; consensus: 7.5%) as exporters likely have frontloaded in April
- MoM (-5.2%; Apr: -2.8%): fell for the second straight month, and the weakest in four months.
Weak exports to Japan, Singapore and China and commodities related dragged overall export growth
- By destination: weighed by weaker shipments to Japan (-25.7%; Apr: 6.8%), Singapore (-18.0%; Apr: 26.1%) and China (-4.3%; Apr: 1.7%). Meanwhile shipments to the US (16.1%; Apr: 45.6%) slowed sharply but remained at double-digit growth expansion. Nevertheless, the overall slowdown was partially mitigated by higher shipments to the EU (6.0%; Apr: 5.8%) and South Korea (22.8%; Apr: 2.0%).
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