Exports rise in February, yet trade risks persist amid Trump tariffs
Exports expanded to 6.2% (Jan: 0.3%), a tad below consensus of 6.5%, and significantly below house forecast of 15.9%
- MoM (-3.7%; Jan: -11.3%): contraction eased, marking a second straight month of decline.
Mainly due to strong exports to the US, EU, and high demand for E&E and palm oil
- By destination: shipments to the US increased (28.9%; Jan: 28.1%) and exports to the EU rebounded (7.7%; Jan: -2.6%). However, shipments to China (-8.1%; Jan: -3.9%), and Japan (-14.3%; Jan: -11.2%) remained weak, while exports to Singapore moderated (17.2%; Jan: 19.6%) albeit remained high.
- By sector: growth was driven by manufacturing (8.8%; Jan: 0.5%), and agriculture (27.4%; Jan: 10.9%) sectors, but partially offset by further weakness in the mining sector (-33.0%; Jan: -12.3%).
- By major product: higher exports of electrical & electronic product (E&E) (18.1%; Jan: 14.9%), and palm oil and palm-based products (31.8%; Jan: 8.7%) supported the overall expansion.
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