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| ECIC Weekly Market News |
| October 9, 2017 |
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| Market Snapshots |
| Asia and Australasia |
South Korea: Exports hit record high in September
South Korea's exports rose 35% yr/yr to US$55.1 billion in September, marking the largest monthly total in history. It was also the ninth month in a row that exports grew by double digits. The strong expansion was driven by solid growth in semiconductors and steel products, which surged by 70.0% and 107.2% respectively. Separately, South Korea agreed in principle to amend its free-trade agreement with the United States. The agreement, which entered into force in 2012, lowered tariffs between the two countries. However, US President Donald Trump threatened to withdraw from the deal unless changes were made to curb America’s growing trade deficit with South Korea. |
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| Europe |
Eurozone: Retail trade down 0.5% mth/mth in August
Eurozone’s retail trade fell by 0.5% mth/mth in August, according to estimates from Eurostat, the statistical office of the European Union. The decrease in the volume of retail trade was due to falls of 0.9% for automotive fuel, of 0.4% for non-food products and of 0.3% for “Food, drinks and tobacco”. Among Member States for which data are available, the largest decreases in the total retail trade volume were registered in Portugal (-1.3%), Austria (-1.0%) and Belgium (-0.9%), while the highest increases were observed in Malta (+1.5%). Separately, unemployment rate in the currency bloc was 9.1% in August 2017, stable compared to July 2017 and down from 9.9% in August 2016. This is the lowest rate recorded since February 2009. Among the Member States, the lowest rates were recorded in Germany (3.6%) and Malta (4.2%). The highest rates were observed in Greece (21.2% in June 2017) and Spain (17.1%).
Spain: Constitutional court bars Catalan parliament session
Spain’s Constitutional Court has suspended a session of the Catalan parliament scheduled for today, in a bid to pre-empt a possible push for independence. Catalan leader Carles Puigdemont has repeated his determination to declare independence from Spain, after 90% of participants in what the Spanish government called an illegal referendum voted for Catalonia to become a separate state. The Spanish prime minister, Mariano Rajoy, still has the option of tackling the independence challenge by invoking article 155 of the Spanish constitution. The article, which has never been used, allows the Spanish government to step in and take control of an autonomous region under certain conditions. |
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| Latin America |
Mexico: Imports up 13.5% yr/yr in August
Data from Mexico's national statistics agency showed that seasonally adjusted import spending reached an all-time monthly high of US$35.5 billion in August. The increase in import spending (3.4% mth/mth and 13.5% yr/yr) was driven by rising intermediate goods imports, which account for around three-quarters of the total import bill and are dominated by component parts for Mexican manufacturing exports. Despite concerns about the renegotiation of the North American Free-Trade Agreement (NAFTA), firm demand from the United States has supported Mexico's manufacturing sector this year. The surge in intermediate goods imports in August is likely to feed through to rising manufacturing exports in the coming months. |
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World Bank: Outlook remains positive for developing East Asia and the Pacific
According to the World Bank, stronger growth in advanced economies, a moderate recovery in commodity prices, and a strengthening of global trade growth, are the favorable external factors that will support the economies of developing East Asia and Pacific to expand by 6.4% in 2017. Growth in the region is expected to slow slightly to 6.2% in 2018, primarily reflecting China’s gradual slowdown.
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Appvion Inc, a US-based paper maker, has filed for Chapter 11 bankruptcy protection. The company saw its sales declining due to consumers’ switch to electronic communications. According to court filing, the company listed assets in the range of US$100 million-US$500 million and liabilities in the range of US$500 million-US$1 billion.
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Hong Kong Export Credit Insurance Corporation
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Copyright © 2017 Hong Kong Export Credit Insurance Corporation |
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Disclaimer
The information contained in the ‘Weekly Market News’ (WMN) is compiled by the Hong Kong Export Credit Insurance Corporation ("ECIC") for general information only. Whilst ECIC endeavours to ensure the accuracy of this general information, no statement, representation, warranty or guarantee, express or implied, is given as to its accuracy or appropriateness for use in any particular circumstances.
ECIC is not responsible for any loss or damage whatsoever arising out of or in connection with any information including data or programmes on the WMN. ECIC reserves the right to omit, suspend or edit all information compiled by ECIC on the WMN at any time in its absolute discretion without giving any reason or prior notice. Users are responsible for making their own assessment of all information contained in this WMN and are advised to verify such information and obtain independent advice before acting upon it.
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