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| HKECIC Weekly Market News |
| 2 January 2018 |
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| Market Snapshots |
| Asia and Australasia |
Hong Kong: Exports up 7.8% yr/yr in November
The Census and Statistics Department reported that the values of Hong Kong's total exports of goods recorded year-on-year increase of 7.8% in November, after going up 6.7% in October. For the first 11 months of 2017 as a whole, the value of total exports of goods rose by 8.2% over the same period in 2016. Year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+33.4%), Taiwan (+23.4%), the Netherlands (+12.9%), Vietnam (+10.4%) and Japan (+10.0%). Government spokesman commented that the global economic upturn should continue to render support to Hong Kong's exports in the near term. Yet, there remain uncertainties in the external environment, including the pace of US monetary policy normalization, possible rise in protectionist sentiment and elevated geopolitical tensions in various regions.
Japan: Unemployment rate hits 24-year low
Japan’s unemployment rate dropped to 2.7% in November, the lowest level since 1993, as robust economic growth leads to a deepening shortage of labour. Thanks to monetary easing and fiscal stimulus, the Japanese economy has grown for seven straight quarters, which now registers as its longest expansion since the mid-1990s. Separately, Japan’s merchandise trade surplus stood at a provisional JPY113.4 billion in November, marking six consecutive months of surpluses. Merchandise exports rose by 16.2% yr/yr in November, while imports grew 17.2%. The double-digit increases are partly attributable to the weak trade performance in the year-earlier period, when exports and imports fell by 0.4% and 8.7%, respectively.
Bangladesh: Current-account deficit widens
Bangladesh’s current-account deficit widened to US$3.3 billion in July-October 2017, compared to a deficit of US$44 million in the same period in 2016, according to data released by the central bank. In July-October 2017, merchandise imports grew 28.7% yr/yr, while exports increased by 7.6%. The spike in imports was mainly due to an increase in food imports. Bangladesh was hit by a series of devastating floods in April and August 2017, which destroyed a large amount of domestic food grain production. The government has been increasing imports of food grains like rice and wheat to prevent a shortage of food and keep domestic prices in check. Increasing imports of machinery and industrial raw materials for infrastructure projects have also contributed to the trend, along with a recovery in global oil prices, which has raised the cost of fuel imports. |
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| North America |
US: Retail holiday sales up 4.9% yr/yr
US retail sales in the holiday period rose at their best pace since 2011, according to Mastercard SpendingPulse, which tracks both online and in-store spending. Fueled by high consumer confidence and a robust job market, sales excluding automobiles, increased 4.9% yr/yr from 1 November 2017 through Christmas Eve, compared with a 3.7% gain in the same period in 2016. In October, the National Retail Federation (NRF) forecasted holiday retail sales in November and December to increase between 3.6% and 4% for a total of US$678.75 billion to US$682 billion. In an update, NRF predicted the final holiday retail sales figures would meet or exceed the forecast. |
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| Middle East |
UAE: VAT effective from 1 January
UAE has introduced a 5% value-added tax (VAT) on most goods and services, with effect from 1 January. The tax applies on a range of items like food, clothes, electronics and gasoline, as well as phone, water and electricity bills, and hotel reservations. The VAT framework was agreed among the Gulf Cooperation Council (GCC) countries, while the UAE and Saudi Arabia are the first two countries to implement. Due to the collapse of oil prices in 2014, the International Monetary Fund has long recommended oil-exporting countries in the Gulf introduce taxes as one way to raise non-oil revenue. |
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DFS Furniture (LON:DFS), a UK-based furniture retailer, has bought store leases and other assets from failed rival, Multiyork. Multiyork had 50 stores and went into administration in late November blaming difficult trading conditions.
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Hong Kong Export Credit Insurance Corporation
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Copyright © 2018 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 ("HKECIC") for general information only. Whilst HKECIC 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.
HKECIC 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. HKECIC reserves the right to omit, suspend or edit all information compiled by HKECIC 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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