Exports hold firm in March on strong E&E; trade surplus hits 21-month high
Exports expanded 6.8% (Feb: 6.2%), slightly above house forecast of 6.4%, and far beating consensus of 2.6%
- MoM (16.1%; Feb: -3.7%): rebounded sharply, highest since Jun-22 (19.6%), after two straight months of decline.
Growth was driven by strong exports to the US, EU, and high demand for E&E and palm oil-based products
- By destination: shipments to the US accelerated (50.8%; Feb: 28.9%), and exports to the EU expanded (10.6%; Feb: 7.6%), marking the second straight month of expansion. However, shipments to China (-1.3%; Feb: -8.1%), and Japan (-7.9%; Feb: -11.2%) remained weak, though the rate of contraction eased. Exports to Singapore slowed (9.7%; Feb: 17.2%) for a third straight month.
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