October exports rebounded on strong demand from the US
Exports rebounded by 1.6% (Sep: -0.6%), beating house forecast (-1.6%) but below consensus (2.5%)
- MoM (3.7%; Sep: -4.2%): growth rebounded after two months of decline.
Higher exports to the US and recovery in manufacturing products
- By destination: chiefly led by an export surge to the US (32.5%; Sep: 9.1%) and a rebound in exports to Singapore (5.6%; Sep: -1.1%). However, exports to China (-6.5%; Sep: -2.9%) remained weak for the second consecutive month.
- By sector: led by a modest rebound in manufacturing exports (1.9%; Sep: -0.5%). However, persistent weakness in mining (-12.1%; Sep: -13.5%) and a slowdown in agriculture (8.9%; Sep: 10.8%) capped overall growth.
- By major product: driven by expansion in key products, such as electrical and electronics (E&E) (7.6%; Sep: 0.5%), palm oil and palm-based products (11.9%; Sep: 11.1%) and liquefied natural gas (8.9%; Sep: 3.5%).
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