The 8.7 percent year-on-year jump in exports was mainly explained by a 41.8 percent surge in exports of milk powder, butter & cheese (vs 35.4 percent in the previous month). Logs, wood & wood articles climbed only 2.3 percent after advancing 17.7 percent in April. Exports to China increased at a softer pace of 16.8 percent in May after surging 22.5 percent in the previous month. Growth of exports to Korea also softened to 10 percent (vs 15.4 percent). Contrastingly, shipments to Japan grew at a faster rate, increasing by 33.8 percent (versus 12.7 percent). Exports to the United States (+2.4 percent), the European Union (+0.3 percent), and Australia (+0.1 percent) expanded modestly.
Meanwhile, the 15.1 percent year-on-year jump in imports was mainly triggered by a 70.7 percent surge in petroleum & products, following a 21.2 percent increase in the previous month. Imports of vehicles, parts, and accessories also expanded at a faster pace of 22.4 percent (vs 8.1 percent in April). Imports from Australia expanded by 23.6 percent; Japan by 14.8 percent; China by 12.7 percent; and the United States by 4.4 percent. Contrastingly, imports from the European Union edged down by 0.2 percent in May.