On a seasonally adjusted month-on-month basis, exports fell 2.9% in October, after a drop of 3.3% in the previous month. While the decline moderated slightly compared to the previous month, it missed consensus estimates of an increase of 1.4%.
On a y-o-y basis, electronic NODX declined by 16.4% in October, following the 24.8% contraction in the previous month, while non-electronic NODX contracted by 11.0%, compared to a 2.3% decline in the previous month.
The electronics NODX decline was led by a 17.2% drop in exports of integrated circuits amid the global IT downcycle, while the non-electronics decline was driven by a 36.0% drop in pharmaceuticals from a high base a year ago.
NODX to the majority of the top markets decreased in October, as Japan, the EU and the US fell 39.5%, 13.2% and 10.5%, respectively.
Non-oil re-exports (NORX) fell 2.3% y-o-y in October, reversing from a 2.9% growth in September, as the decline in electronic re-exports outweighed the growth in non-electronics.
Total trade decreased by 9.7% y-o-y in October, following the 5.0% decline in the preceding month. Total imports fell 10.3% y-o-y, while total exports shrank 9.2% y-o-y.
