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| HKECIC Weekly Market News |
| 16 July 2018 |
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| Market Snapshots |
| Asia and Australasia |
China: Exports up 11.3% yr/yr in June
According to data released by the General Administration of Customs, China’s exports rose 11.3% yr/yr to US$216.74 billion in June, moderating from a 12.2% growth in May. Imports grew 14.1% yr/yr to US$175.13 billion, compared with a 26.0% gain in May. Overall, China ran a US$41.61 billion trade surplus in June, leaving the surplus for the first half of the year to US$139.65 billion. Remarkably, China’s trade surplus with US hit a record high of US$28.97 billion in June, up from US$24.58 billion in May. A separate report from the State Administration of Foreign Exchange (SAFE) showed that China’s foreign exchange reserves rose 1.51 billion to US$3.1121 trillion in June, rebounding from a drop of US$14.23 billion in May. The SAFE attributed the rise to a stable foreign exchange market at home, dollar strength and fluctuating asset prices. |
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| Europe |
Eurozone: Industrial production bounced back in May
Eurozone’s industrial production rose by 1.3% mth/mth in May, switching from a 0.8% decline in April, according to estimates from Eurostat. The increase was due to production of both durable and non-durable consumer goods rose by 2.1%, intermediate goods by 1.6%, capital goods by 0.7% and energy by 0.5%. Among Member States for which data are available, the highest increases in industrial production were registered in Lithuania (+11.6%) and Ireland (+3.2%), and the largest decrease in Portugal (-2.0%).
UK: Trade deficit narrowed in May
The Office for National Statistics reported that UK’s total trade deficit stood at GBP 2.79 billion in May, narrowed from GBP 3.09 billion in April. Total imports went up 2.1% mth/mth to GBP 54.64 billion and total exports rose at a faster 2.8% to GBP 51.85 billion. Separately, the UK government has published its white paper on Brexit, outlining UK’s future relationship with the European Union (EU). One of the key objectives laid out in the white paper seeks to create a free trade area with EU, under which products will undergo one set of approvals and authorisations in either market, before being sold in both. Earlier, Boris Johnson and David Davis resigned as Foreign Secretary and Brexit Secretary respectively in protest at Prime Minister Theresa May’s Brexit policy. |
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| North America |
US: The list of US$200 billion worth of Chinese goods for proposed tariff unveiled
After US and China separately began collecting an additional 25% tariff on US$34 billion worth of imports against each other on 6 July, the Office of the US Trade Representative (USTR) proposed to slap an additional 10% tariff on a list of 6,031 Chinese product lines worth US$200 billion. Products on the list facing this additional 10% tariff includes various food products, tobacco, chemicals, minerals, furniture, wooden products, handbags, suitcases, fabrics, bicycles and printed circuit assemblies. The tariffs will not go into effect immediately but will undergo a review process, with public hearings to be held on 20-23 August. In Beijing, a Chinese Foreign Ministry spokesman said China will take necessary countermeasures to resolutely safeguard its rights and interests. |
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The US Department of Commerce announced that ZTE Corporation (SZSE: 000063 and HKEX: 0763) has placed US$400 million in escrow at a US bank according to an escrow agreement signed previously. Shortly after the deposit, the Department lifted the denial order which prevents the company from conducting business with American suppliers. |
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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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