Exports and imports moderated; trade surplus hit six-month high
Exports slowed slightly in September (6.4% YoY; Aug: 6.6%), below market expectations (8.0%), but remained positive for the sixth straight month
- MoM: contracted (-5.8%; Aug: 5.4%), a three-month low
Exports remained supported by strong shipments of non-O&G, but partially weighed by weak O&G
- Non-O&G (8.1%; Aug: 7.5%): growth expanded, due to higher mining (9.0%; Aug: 2.8%) and relatively solid agriculture (39.3%; Aug: 40.2%) but was partially capped by a slower manufacturing (6.3%; Aug: 8.9%). By destination, it was contributed by a rebound in shipment to China (3.5%; Aug: -0.8%), but the momentum was partially weighed by a moderate growth to other major export destinations, namely the US (20.9%; Aug: 22.4%) and Japan (14.8%; Aug: 17.8%).
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