November exports rise on strong E&E and US demand; trade surplus widened
Exports expanded by 4.1% (Oct: 1.6%), slightly below the house forecast (4.5%) but beating consensus (1.9%)
- MoM (-1.2%; Oct: 3.7%): growth contracted after a positive rebound in the previous month.
Rising US demand along with strong manufacturing and agriculture drive export growth
- By destination: mainly led by an export surge to the US (57.3%; Oct: 32.5%) while shipment to Singapore (-1.3%; Oct: 5.6%), China (-11.9%; Oct: -6.6%), Japan (-6.0%; Oct: -0.4%) and the EU (-4.3%; Oct: 7.6%) contracted.
- By sector: led by growth expansion in manufacturing (5.2%; Oct: 1.9%) and agriculture (13.4%; Oct: 8.9%) exports. However, persistent weakness in mining (-17.3%; Oct: -12.2%) capped overall growth momentum.
- By major product: driven by expansion in key export products, led by electrical and electronics (E&E) (12.2%; Oct: 7.8%) and palm oil and palm-based products (19.9%; Oct: 11.9%).
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