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| HKECIC Weekly Market News |
| 22 January 2018 |
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| Market Snapshots |
| Asia and Australasia |
China: Economy grows 6.9% in 2017
China’s economy expanded by 6.8% yr/yr in Q4, the same as in the previous three months. For the whole of 2017, the economy grew by 6.9%, above the official target of around 6.5% and marking the first yearly acceleration since 2010. The government’s efforts to reduce debt, tackle industrial overcapacity and improve air quality intensified last year. But their effects were offset by a pickup in trade boosted by a global recovery and by infrastructure projects and a surging property market. For 2018, the International Monetary Fund expects the Chinese economy to grow 6.5%.
Singapore: Exports up 3.1% yr/yr in December
According to International Enterprise Singapore, non-oil domestic exports (NODX) increased by 3.1% yr/yr in December, after the 9.1% growth in the preceding month, due to the growth in non-electronic exports which outweighed the decline in electronics. Electronic NODX decreased by 5.3%, led by ICs (-6.0%), parts of PCs (-27.7%) and diodes & transistors (-8.6%). Non-electronic NODX increased by 6.8%, mainly supported by specialised machinery (+32.9%), non-electric engines & motors (+124.7%) and measuring instruments (+18.3%). By market, NODX to the top 10 markets as a whole grew in December, although shipments to Hong Kong, Taiwan, China, Thailand and Indonesia declined. The largest contributors to the NODX increase were the European Union (+22.1%), South Korea (+47.5%) and Malaysia (+17.7%). |
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| Europe |
Eurozone: Trade surplus widens to highest in eight months
Eurozone’s surplus in goods trade stood at EUR 26.3 billion in November 2017, widening from EUR 23.8 billion in November 2016. It was also the highest level since March 2017 when a surplus of EUR 28.7 billion was recorded. Despite a stronger euro, which has gained 15% against the US dollar over the past 12 months, total exports of goods in November 2017 rose 7.7% yr/yr to EUR 197.5 billion. Imports increased at a softer 7.3% to EUR 171.2 billion. In the period between January and November, Eurozone exports increased 7.5%, compared with the same period in the previous year. Imports were up by 10.1%. |
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| North America |
Canada: Central bank raises interest rate by 0.25%
The Bank of Canada lifted its benchmark interest rate by 0.25% to 1.25%, the third rate hike in seven months, as underlying economic fundamentals have strengthened. The bank cited that consumption and residential investment have been stronger than anticipated, reflecting strong employment growth. In December, the economy added 79,000 jobs, pushing the unemployment rate to the lowest level to 5.7%, the lowest since comparable data became available in 1976. The bank now expects the Canada’s economy to grow 2.2% this year and 1.6% in 2019, following an estimated 3.0% growth in 2017, and views that its economic outlook is expected to warrant higher interest rates over time. However, the bank warned that the uncertainty about the future of the North American Free Trade Agreement is weighing increasingly on the outlook. |
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| Africa |
South Africa: Retail sales up 8.2% yr/yr in November
South Africa’s retail sales soared by 8.2% yr/yr in November, compared to a 3.5% growth in the preceding month, according to data from Statistics South Africa. The strong growth was driven by higher sales in clothing, footwear and furniture, thanks to the discounts offered on Black Friday. An easing inflation also helped push the retail sales to its steepest gain in more than five years. South Africa’s inflation eased for the second month in a row in November, slowing to 4.6% from 4.8% in the previous month. |
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Carillion Plc (LON:CLLN), the UK’s second largest construction firm, has filed for liquidation after talks with lenders failed. The firm, which has roughly 19,000 workers in the country, said the government would provide funding required by the liquidator to maintain the public services. |
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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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