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| HKECIC Weekly Market News |
| 13 August 2018 |
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| Market Snapshots |
| Asia and Australasia |
China: Trade surplus with US eases slightly in July
China's exports surged more than expected in July despite fresh US tariff and its trade surplus with the US remained near record high. According to data released by the General Administration of Customs, China’s exports in July rose 12.2% yr/yr to US$ 215.57 billion, accelerating from a 11.2% growth in June. Imports in July grew at a steeper 27.3% yr/yr to US$187.52 billion, compared to a 14.1% gain in June. China’s global trade surplus fell to US$28.05 billion in July, down 40.0% from US$46.74 billion in the same month last year. In particular, China’s exports to the US in July fell 2.5% from June, and imports of US goods fell by 1.5%. As a result, China’s trade surplus with the US narrowed slightly to US$28.09 billion in July, as compared to a record high of US$28.93 billion in June. However, analysts still expect a less favorable trade balance for China in the coming months as the application of tariffs begins to have an impact.
Indonesia: Economy grows at fastest pace since Q4 2013
Indonesia’s economy grew by 5.27% yr/yr in Q2 of 2018, compared to 5.06% in in the previous quarter, according to Statistics Indonesia. This was the strongest growth since Q4 2013, with household consumption growing at 5.14% and fixed investment at 5.87%. Meanwhile, exports and imports increased by 7.70% and 15.17% respectively, compared to 6.09% and 12.66% growth in the previous quarter. While the economy expanded firmly in first half of the year, there is growing concern that the expected tighter monetary policy adopted by the central bank to stem a slide in Indonesian rupiah (down about 6% against the US dollar year to date) may dampen domestic demand which posts a downside risk to economic growth for the rest of the year. |
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| Europe |
Eurozone: Retail trade up by 0.3% mth/mth in June
Eurozone’s volume of retail trade increased by 0.3% mth/mth in June, according to estimates from Eurostat. This was due to a rise of 0.7% in food, drinks and tobacco and 0.6% in automotive fuels, while non-food products fell by 0.3%. Among Member States for which data are available, the highest increases in the total retail trade volume were registered in Germany (+1.2%) and Spain (+0.7%). The largest decreases were observed in Finland (-2.1%) and Estonia (-1.9%). |
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| North America |
US: USTR announces second tranche of Chinese products that are subject to 25% additional tariff
Subsequent to a notice and comment period, the Office of the United States Trade Representative (USTR) announced the final list of US$16 billion worth Chinese goods that will be subject to an additional 25% tariff pursuant to the USTR’s Section 301 Report findings. The list covers 279 lines of goods ranging from electronic integrated circuits, electric motors, measuring instruments and apparatus, motorcycles to steam turbines and railway cars, and will go into effect on 23 August. Similar to the first list of tariff provisions now subject to an additional 25% tariff since 6 July, the USTR noted that it will implement a formal process to allow for exclusion requests for products impacted by this second list of additional tariffs. USTR expect the details regarding the exclusion procedure to be published in the Federal Register in the near future. In response, China’s Ministry of Commerce announced to impose a retaliatory 25% tariff on 333 American products worth of US$16 billion, including cars and motorcycles, various fuels and fiber optical cables that will go into effect on the same day. |
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National Stores Inc., a US-based discount retailer operating under the Fallas brand and others, has filed for Chapter 11 bankruptcy protection to restructure its debt. The chain is planning to close 74 of its 344 stores across the US.
Samuels Jewelers Inc., a Texas-based jewelry retailer with over 100 stores in 22 states, has filed for Chapter 11 bankruptcy protection. The company affirms that its stores and e-commerce site are open for business during the restructuring process. |
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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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