Exports rebounded more strongly than expected in March, with shipments up 7.4% m/m sa. This followed a more modest recovery of +4.6% m/m sa in February, though exports still remain some 12.1% below the recent peak reached in November - pointing to further room for recovery from here.
The normalisation of port operations in February following congestion in prior months likely helped support a stronger recovery in March.
The recovery was driven by non-electronics (particularly machinery and mining), with electronics shipments actually declining on a m/m sa basis.
By country, exports were particularly strong to the US, China, and Japan, rising 9.9%, 8.6%, 8.4% m/m sa respectively.
