South Korea exports to extend downturn amid worsening China outlook: Reuters poll
South Korea's exports are likely to have fallen for the 11th consecutive month in August due to a slower Chinese economy and weakening demand in other regions.
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Posted 8/30/2023, 1:07:39 AM
reuters.com
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Japan's exports fell in July for the first time in nearly 2-1/2 years, driven by weak demand for light oil and chip-making equipment and raising concerns about a global recession as the demand in key markets such as China weakens.
Hong Kong's exports continue to decline for the 15th consecutive month, with a 9% decrease in July, due to trade contraction with mainland China, the US, and Europe, affecting the city's economic recovery and prompting a downgrade in GDP forecast.
Profits at China's industrial firms fell for a seventh consecutive month in July, declining by 6.7% year-on-year, as weak demand and a faltering post-pandemic recovery continue to squeeze companies in the world's second-largest economy.
Vietnam's exports have declined for the sixth consecutive month due to weaker global demand and China's deteriorating economic outlook, posing a risk to the country's GDP growth target.
German exports fell slightly in July, raising concerns that the country's economy may be at risk of undoing previous gains, as global demand weakens and companies struggle with supply chain issues and eroding competitiveness.
China's exports are expected to contract at a slower pace in August, with a projected fall of 9.2%, as manufacturers continue to face pressure due to weak overseas demand and a shrinking labor market.
China's imports and exports experienced a monthly decline in August, with exports falling by 8.8% and imports falling by 7.3%, indicating ongoing challenges despite some slight improvement.
Summary: South Korea's unemployment rate in August reached a record low of 2%, the lowest level since June 1999, while Japan's corporate confidence fell in September, according to the Reuters Tankan poll.
India's merchandise exports dropped by 6.9% in August, marking the seventh consecutive month of decline, due to weak external demand, while the merchandise trade deficit reached a 10-month high of $24.16 billion driven by higher crude oil prices and robust domestic demand.
Singapore's annual exports fell for the 11th consecutive month in August, declining by 20.1% as the trade-dependent economy struggles with global headwinds and declining demand, indicating that export stabilization is not yet within reach.
Japan's exports to China declined for the ninth consecutive month in August, dropping 11%, due to weak demand and the suspension of seafood imports following the Fukushima Daiichi nuclear plant incident.