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| HKECIC Weekly Market News |
| 8 January 2018 |
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| Market Snapshots |
| Asia and Australasia |
Myanmar: Minimum wage set to raise 33.3%
Myanmar’s National Committee for Minimum Wage proposed to raise the minimum daily wage by 33.3% to Kyat 4,800 (US$3.6). It made the decision after taking account of wage rates in neighbouring countries and views from employers and employees, among other things. The new minimum wage, set to apply across all regions and states to all businesses with 10 or more workers in Myanmar, will still be below the minimum wage rates in other countries within the Association of Southeast Asian Nations. The new wage is expected to take effect from the beginning of March. A 60-day period for public comment is now underway.
Singapore: Economy grows 3.5% in 2017
Singapore’s economy grew by 3.1% yr/yr in Q4, easing from 5.4% in the previous period, according to an advance estimate from the Ministry of Trade and Industry. Economic growth was supported by the expansion in the manufacturing (+6.2%) and services sector (+3.0%), which helped outweigh the effect of shrinking construction sector (-8.5%). For the whole of 2017, Singapore’s economy expanded 3.5%, touching the upper end of the official growth forecast of 3.0 to 3.5% and higher than the growth of 2.0% in 2016.
Sri Lanka: Economic growth slows to 3.3% in Q3
Sri Lanka’s economy expanded 3.3% yr/yr in Q3, moderating from a 4.0% growth in the previous quarter. It also marked the slowest pace of expansion since the second quarter of 2016. For the first three quarters of 2017, the agricultural sector shank by 3.2%. In contrast, the industrial sector grew by 4.5% in the same period, thanks to a strong performance in the construction sub-sector driven by the joint infrastructure projects agreed between the governments of Sri Lanka and China. Situated virtually at the center of the Indian Ocean, Sri Lanka is an important component of China's Belt and Road Initiative. |
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| Europe |
Germany: Unemployment rate lowest since reunification
The number of unemployed people in Germany fell by 29,000 in December, bringing the unemployment rate to 5.5%, the lowest level since the country’s reunification in 1990. The data underscored the robustness of Germany’s economy, which grew 2.3% in 2017, up from 1.9% in 2016. Separately, Chancellor Angela Merkel‘s conservative bloc will continue talks with the Social Democrats this month on forming a new grand coalition. Merkel had previously sought to form a three-way coalition with the Free Democratic Party and Greens, but those talks collapsed in November. |
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| Latin America |
Brazil: Trade surplus of 2017 at record-high
According to the Ministry of Industry, Foreign Trade and Services, Brazil registered an all-time high trade surplus of US$67 billion in 2017, surging by 40.5% from the year before. The value of exports and imports rose 18.5% and 10.5% respectively. The growth in exports was attributable to higher shipments of crude oil, iron ore, soybeans, copper ore, among other things. On the other hand, China continued to be the largest trade partner of Brazil in 2017. Exports to China amounted to US$50.2 billion, while imports from China amounted to US$27.9 billion. |
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Debenhams Plc (LON:DEB), a UK-based department store chain, has announced its trading update. For the quarter ended 30 December 2017, group revenue declined 0.8% yr/yr with comparable sales decreasing 1.3%. According to the announcement, the early weeks of the quarter were disappointing as the market remained volatile and competitive, while the first week of the post-Christmas sale was below expectation.
Billabong International Limited (ASX: BBG), an Australia-based surfwear company, has agreed to be taken over for AUD380 million from its US-based rival Boardriders, which was formerly known as Quiksilver. The deal is expected to be finalized by April at the earliest, subject to shareholder and regulatory approval. |
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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.
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