May exports hit a 15-month high YoY growth and trade surplus widened
Exports expanded for the second straight month (2.9% YoY; Apr: 1.7%), the fastest pace in 15 months and beating market expectations (-1.0%)
- MoM: rebounded sharply (13.8%; Apr: -13.0%) following a sharp decline in the previous month.
Increased exports due to higher shipment of both non-O&G and O&G products
- Non-O&G (2.5%; Apr: 1.3%): expanded for the second consecutive month, partly as manufacturing (4.6%; Apr: 8.8%), and agriculture (2.4%; Apr: 2.6%) continue to increase albeit at a slower pace. Meanwhile, mining fell for the 15th straight month (-4.8%; Apr: -17.0%) but growth contraction eased. By destination, growth was contributed by higher shipment to major trading partners led by the US (6.6%; Apr: 11.5%) and Japan (0.8%; Apr: -1.8%). Notably, shipment to China (-0.9%; Apr: -7.4%) remained weak but the contraction eased.
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