In May, imports jumped 28,12 percent to 17.64 USD billion, following an upwardly revised 35.20 percent rise in the prior month and beating estimates of a 13.88 percent increase. Purchases of non-oil and gas surged 23.77 percent to 14.83 billion and those of oil and gas jumped by 57.17 percent to 2.82 USD billion.
Compared to the prior month, imports went up by 9.17 percent. While purchases of non-oil and gas increased 7.19 percent, those of oil and gas rose by 20.95 percent. Imports went up for : raw material (9.02 percent to 13.11 USD billion); capital goods (6.63 percent to 2.81 USD billion), and consumption goods (14.88 percent to 1.73 USD billion).
Imports rose from: China (18.62 percent); Australia (19.62 percent); Taiwan (10.38 percent); South Korea (8.79 percent); Germany (2.83 percent); Singapore (7.42 percent); Thailand (25.56 percent), and Italy (50.99 percent). In contrast, imports went down from : the US (-14.81 percent); Japan (-1.29 percent); Malaysia (-5.98 percent); India (-12.90 percent), and Netherlands (-38.27 percent).
Exports increased 12.47 percent from a year earlier to 16.12 USD billion, beating market consensus of a 8.38 percent rise and after an upwardly revised 9.57 percent growth in the prior month. Sales of non-oil and gas products went up by 11.58 percent to 14.55 USD billion, while those of oil and gas jumped by 21.47 percent to 1.57USD billion.
Compared to the previous month, exports rose 10.90 percent, as non-oil and gas products increased by 9.25 percent while sales oil and gas surged by 28.80 percent. By categories, outbound shipments rose for: iron and steel (45.67 percent); machinery/electrical equipment (14.79 percent); ore, crust, and metal ash (20.56 percent); knitted goods (38.09 percent), and tins (200.74 percent). In contrast, sales declined for: jewelry/gems (-16.83 percent); pulp (-16.08 percent); animal/vegetables fats and oils (-2.53 percent); rubber and rubber goods (-3.57 percent), and ships (-71.41 percent).
Sales went up to China (15.37 percent); the US (10.03 percent); Thailand (17.56 percent); Germany (25.09 percent), Japan (0.52 percent); Netherlands (25.02 percent); India (8.97 percent); Italy (14.03 percent), and Taiwan (54.47 percent). In contrast, exports fell to : Singapore (-4.91 percent); Australia (-4.53 percent); Malaysia (-3.53 percent), and South Korea (-3.67 percent).
Considering the first five months of 2018, trade balance posted a deficit USD 2.83 billion, swinging from USD 6 billion surplus in the same period of 2017, as imports surged 24.75 percent to USD 77.77 billion and exports rose at a slower 9.65 percent to USD 74.93 billion.