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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) – In the July Politburo meeting statement some more measures to support China’s economy were announced but it also recognised that domestic demand was insufficient. China’s disappointing post-pandemic economic recovery impacts some countries more than others (see MNI APAC Countries To Be Concerned By Softer China Outlook) but particularly those in the APAC region with the US and Europe a lot less exposed. So, any policy measures that support demand in China will be welcome to the region as a whole. However, not all countries have seen recent weak shipments to China.
- Australia, NZ, the Philippines, UK and India have all seen stronger export growth to China in May this year compared with May 2022, ie since China’s reopening. These countries ex the UK benefit from commodity exports, including food.
- Australian exports to China rose 22.1% y/y% 3mma in May which is a significant improvement from May 2022’s -10.7%. NZ’s rose 6.5% y/y 3mma in June compared to 0.3% last year.
Exports to China y/y% 3mma
Source: MNI - Market News/Refinitiv
- Korean exports to China are important to its economy as they are worth over 9% of GDP but in June they shrank 22.2% y/y 3mma. Malaysia’s are worth 11.8% of GDP and fell 9% y/y 3mma in June. Both countries saw stronger export growth to China in June last year.
- China is very important to Taiwan’s economy with 25% of exports going to its neighbour worth 15.8% of GDP in 2022. Given this dependence, the 20.6% y/y 3mma drop in June is unwelcome.
Asia exports to China y/y% 3mma
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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