Exports increased 17.4% y-o-y in August, largely in line with our forecast but atouch better than market expectations. The details were firm, yet strength stillfocused on electronics. Sequential growth in exports, excluding volatility ofvessels, is likely to recover some ground after notable slowing since its peak inFebruary, led by the product cycle in smartphones. Other industries are notshowing encouraging signs of a strong recovery so far. The implications to growthshould be less than suggested in the headlines, as export volume growth is likelybe slower due to price gains of key export goods.

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