November exports ease slightly to 9.1% YoY; trade surplus hit eight-month high
Exports moderated slightly in November (9.1% YoY; Oct: 10.3%), following a surge in the previous month but surpassing market expectations (4.9%)
- MoM: contracted (-1.7%; Oct: 10.7%), following a strong rebound in the previous month.
Exports remained supported by non-O&G and recovery in O&G products, as well as higher shipments to China
- Non-O&G (9.5%; Oct: 11.1%): growth moderated due to subdued mining (-10.6%; Oct: -7.4%) but was partially mitigated by positive growth in agriculture (56.7%; Oct: 78.7%) and manufacturing (13.9%; Oct: 14.3%) albeit slower. By top destination, a sharp rebound to China (15.5%; Oct: -2.0%) and Japan (2.9%; Oct: -2.5%) partially offset slower exports to the US (20.7%; Oct: 28.5%).
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