Base effects from Covid-19 disruptions and oil price plunge, alongside global economic recovery, lifted exports (+63.0% yoy) and imports (+24.4% yoy). Commodities were the shining stars due to stronger export volume and prices, while external demand continued to drive key manufactured exports. Following positive data surprises, we raise our exports and imports forecasts to 14.0% yoy and 15.6% yoy in 2021.
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