Malaysia: November exports rise
Malaysia’s exports rose 5.3% in November, spurred by stronger demand from China for raw materials including palm oil, rubber and chemicals. Overseas shipments climbed to RM52.7bn y-o-y after gaining 1.3% in October. Exports to China increased 14.2% y-o-y to RM7.2bn while exports to the US fell 16.9% in November y-o-y on lower electronics demand. Imports in November rose 6.1% to RM43.7bn y-o-y while the trade surplus widened to RM9bn from RM6.85bn in October. (Bloomberg)
Singapore: Economy rebounds after manufacturing surge
Singapore’s GDP rose an annualized 6.9% in the three months through 31 Dec. Manufacturing rose 28.2% y-o-y after gaining a revised 13.8% in the previous quarter. Services grew 8.8% y-o-y, after climbing a revised 10% in the third quarter. Construction shrank 1.2%, compared with a 7.1% increase last quarter. (Bloomberg)
Indonesia: Inflation climbs to 20-month high
Indonesia’s inflation accelerated to a 20-month high, putting pressure on policy makers to consider raising the benchmark interest rate. Consumer prices rose 6.96% last month y-o-y, compared to a 6.33% gain in November and a 6.71% median forecast. Meanwhile, exports jumped 42.3% in November. Consumer prices climbed 0.92% in December m-o-m after rising 0.6% in November. Core inflation was 4.28% y-o-y, easing from 4.31% the previous month. Indonesia’s exports rose to USD15.3bn in November after gaining a revised 17.6% in October. Imports surged 48.3%. (Bloomberg)
India & Australia: Manufacturing growth slows
India’s manufacturing growth slowed to a three-month low in December. The purchasing managers’ index fell to 56.7 from 58.4 in November. Any data above 50 indicates expansion. The reading has exceeded 50 since April 2009, showing that consumption is holding up amid the monetary policy tightening. Merchandise exports rose 26.5% to USD18.9bn in November y-o-y while imports gained 11.2% to USD27.89bn. Meanwhile, Australian manufacturing contracted in December for a fourth month to 46.3 from 47.6 as higher borrowing costs curbed consumer spending. (Bloomberg)
EU: Manufacturing expands more than expected
Europe’s manufacturing industry grew more than initially estimated in December, powered by Germany’s exportled expansion. A gauge of manufacturing in the euro area rose to 57.1 from 55.3 the previous month. That’s above the 56.8 reported earlier for December. A gauge of manufacturing in Germany, Europe’s largest economy, rose to 60.7 in December from 58.1 the previous month, while the indicator for France slipped to 57.2 from 57.9. A gauge for Italy advanced to 54.7 from 52. (Bloomberg)
US: Manufacturing rises to seven-month high, construction rises for third month
Manufacturing in the US expanded in December at the fastest pace in seven months, reinforcing signs the expansion is gaining momentum. The Institute for Supply Management’s index climbed to 57 last month from 56.6 in November. In the US, factories reported faster rates of orders and production. The ISM’s bookings measure rose in December to a seven-month high. Meanwhile, construction spending rose in November for a third month, gaining 0.4% after a 0.7% increase in October. The median estimate called for a 0.2% rise. (Bloomberg)
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