May trade figures: Unexciting surplus

Worse than market estimates, May exports declined 15.24% y-y and 4.11% m-m to USD12.6bn. This followed a decline of 8.32% y-y for April, mainly due to continued weak global demand and lower oil prices, which resulted in decreased oil & gas exports, down 42% y-y (April: -45% y-y).

On the non-oil & gas side, May figures remained subdued but relatively better compared to oil and gas exports and only decreased 10.1% y-y and 3.9% m-m to USD11.2bn, due to slower exports for mineral products (-15.7% m-m), vehicles (-10.8% m-m) and rubber (-10.1% m-m).

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