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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ASIA
MNI (Australia) - As China reopened, a strong bounce in demand was expected in 2023 that would provide strong demand for those countries with a large export exposure. GDP growth was 5.2% but many exporters didn’t see a recovery in export growth and as a result have become slightly less reliant on the Asian giant. Australia, Indonesia and Singapore are the exceptions. 2024 looks like it may be another tough year for exporters.
- China’s NPC announced a 5% growth target for 2024, close to 2023’s outturn but without the favourable base effects and post-pandemic rebound to support it. Monetary policy will be flexible and fiscal policy proactive. The news didn’t boost sentiment and growth concerns remain and so expectations that there will be stimulus measures to support the economy persist.
- Australia’s exports to China moderated in 2023 but remained robust at 12.1% y/y in December helped by continued strong commodity demand and elevated prices, and some improvement in trade relations. The share of exports going to China jumped over 7pp last year to 36.4%.
- In 2022 almost 23% of Korea’s exports went to China, this dropped to 19.7% last year and so their share of the economy fell 2pp to 7.3%. China remains an important destination for Korea but it has become less reliant on it as a market. 3-month average export growth returned to positive territory early this year after declining for over 18 months.
Exports to China % total
Source: MNI - Market News/Refinitiv
Exports to China y/y% 3-month ma
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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