On May 30, 2013, the Ministry of Commerce revealed that April export performance had come to only 2.9 percent growth YoY, not the 10.5 percent YoY growth reported on May 23. The new figure represents yet another decline from the 4.5 percent YoY growth recorded for March.
The revised data shows that shipments of computers, related components and parts totaled just USD1,423.3 million, not USD2,712.9 million reported before, because export data for Hong Kong was overstated, but export data for traditional markets were corrected.
KResearch is of the view that this revision will likely affect 2Q13 export performance somewhat, which might expand less than 5 percent YoY, thus not being significantly higher than the 4.3 percent YoY growth achieved in 1Q13. However, the revision is unlikely to affect full-year export performance much, which is projected to expand 4.0-9.0 percent YoY.
Meanwhile, exports over the remainder of 2013 will depend largely on economic prospects in our trade partners, global gold and agricultural price movements, as well as export data for June-August, which should look better than March due to a low 2012 base.