July exports surpass expectations, boosted by strong US demand
Exports rose sharply by 12.3% in July (Jun: 1.7%), exceeding expectations (KIBB: 5.2%; consensus: 9.0%)
- MoM (4.1%; Jun: -1.6%): growth rebounded, after a slight decline in the previous month.
Higher shipments to major trading partners, except China, as well as strong expansion in the manufacturing and agriculture sectors boosted July exports
- By destination: strong exports to key destinations were led by the US (30.9%; Jun: 14.0%), followed by Singapore (18.1%; Jun: -3.1%), the EU (14.2%; Jun: -8.2%), and Japan (11.6%; Jun: -18.6%). In contrast, exports to China (-11.4%; Jun: -2.1%) fell sharply to a 10-month low.
- By sector: growth was driven by increased exports in the agriculture (32.8%; Jun: 1.6%) and manufacturing (10.6%; Jun: 0.9%) sectors. However, overall growth was partially capped by slower export in the mining (10.2%;Jun: 15.2%) sector.
- By major product: higher export growth in key manufacturing products, led by machinery, equipment and parts (39.5%; Jun: 24.6%) and a rebound in petroleum products (15.6%; Jun: -7.3%). Similarly, exports of Electrical & Electronic (E&E) (2.6%; Jun: -1.6%), which accounted for 45.3% of total exports in July, also recovered slightly. This was further supported by higher exports of palm oil and palm-based products (36.3%; Jun: 0.7%).
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