Philippines

India’s October Exports YoY Growth Highest Among Asian Countries

India’s export growth accelerated 9.6% year-on-year in October which was boosted by strong exports in the jewelry and engineering sectors. In September, Indian exports grew 4.6%.

In China, the world’s second largest economy, exports dropped 7.3% year-on-year in October, which is an improvement from September’s 10% year-on-year decline according to official data.

Taiwan exports surged 9.4% in October year-on-year buoyed by strong demand for semiconductor products according to government statistics. Taiwan’s October export data includes shipments deferred from September when exports contracted 1.8% due to a reduced number of working days to typhoons.

Philippine exports rose 5.1% in September year-on-year after 17 straight months of year-on-year decline.

Indonesia, South-East Asia’s largest economy, saw exports grow by 4.6% in October year-on-year mainly supported by rising prices of coal, rubber and crude palm oil. Indonesia’s exports dropped 0.59% in September year-on-year.

Singapore’s exports slumped 12% in October after registering a 5% drop the previous month according to figures released by International Enterprise (IE) Singapore. Non-oil domestic exports (NODX) were impacted by falling electronic exports (which fell 6%) and non-electronic exports (which dropped 14.6%).

Japan’s exports dropped in 6.9% year-on-year September marking the 12th straight month of export declines.

In Malaysia, September exports dropped 3% year-on-year according to the Statistics Department. In August, exports had increased 1.5%.

South Korea also saw falling exports in October, declining 3.2% year-on-year. This was however an improvement from the 5.9% decline in September. South Korea posted its first year-on-year export growth in 20 months in August when exports grew 2.6% year-on-year that month.

Export growth (year-on-year), October and September 2016, selected Asian countries - LD Investments

At 9.6%, India posted the highest year-on-year export growth rate in October among Asian countries.

Philippines Posts Fastest 3Q2016 GDP Growth In Asia

After recording a 6.9% growth rate in 1Q2016 and 7% growth in 2Q2016, data released by the Philippines Statistics Authority showed that Philippines notched a 7.1% year-on-year GDP growth rate in the third quarter of 2016 (July-September), emerging as the fastest growing Asian economy during the period. This is the fastest quarterly growth rate since the second quarter of 2013 when Philippines posted a 7.6% growth rate.

Philippines’ growth outpaced quarterly growth in China (6.7%), Vietnam (6.4%),
Indonesia (5.2%) and Malaysia (4.3%). 2016 third quarter GDP growth stood at 2.7% in South Korea, 2.2% in Japan, 2.06% in Taiwan and 0.6% in Singapore.

3Q2016 year-on-year GDP growth (%), selected Asian countries - LD Investments

At 7.1% Philippines posted the fastest 3Q2016 GDP growth in Asia.

India has yet to publish third quarter data. India notched 7.1% growth in 2Q2016.

According to the Philippines Statistics Authority (PSA), the services sector posted a 6.9% growth rate in the third quarter of 2016 (slightly lower than last year’s 7.2% growth), while industry accelerated to 8.6% (compared with 6.1% last year) and after five consecutive quarters of decline, the agriculture sector grew 2.9% (compared with a 0.1% decline last year).

Philippines has enjoyed robust FDI inflows this year. Data released this month show Philippines’ FDI inflows in August increased 32% year-on-year, bringing the year-to-date (January-August) tally to 71%. Philippine president Duterte’s four-day state visit to China last month resulted in investment commitments of US$ 15 billion, which is nearly three times the total FDI inflows to the Philippines last year according to data from the “World Investment Report 2015” published by UNCTAD (United Nations Conference on Trade and Development).
At US$ 5.23 billion, Philippines’ FDI inflows last year lagged its major South-East Asian counterparts, namely Singapore (US$ 65.26 billion), Indonesia (US$ 15.50 billion), Vietnam (US$11.80 billion), Malaysia (US$11.12 billion) and Thailand (US$10.84 billion).¬†Four members of the 10-member ASEAN group had lower FDI inflows than Philippines last year, namely Myanmar (US$2.82 billion), Cambodia (US$1.70 billion), Laos (US$1.22 billion) and Brunei (US$0.17 billion).

FDI inflows, South-East Asian countries, 2015 (US$ billions) - LD Investments

At US$ 5.2 billion, Philippines’s FDI inflows in 2015 lagged its major South-East Asian counterparts specifically Singapore, Indonesia, Vietnam, Malaysia and Thailand.