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January Trade Data Released, Asia Leads Global Trade

Views:0     Author:Site Editor     Publish Time: 2021-02-22      Origin:Site

Since January, the economies of many Asian countries have improved significantly, showing a recovery trend. South Korea, Vietnam, Turkey and other countries all have outstanding performance in foreign trade. According to the International Monetary Fund (IMF), the overall economic growth rate of emerging Asian markets and developing economies will be 8.3% in 2021, which is expected to become the region that attracts the most external direct investment in 2021. But at the same time, it will also face challenges from the epidemic and the uncertainty of global economic recovery.


South Korea

Average daily export value hit a record high


Yonhap News Agency reported that South Korea’s exports in January increased by 11.4% year-on-year, which was three consecutive months of positive growth. The average daily export value exceeded US$2.1 billion for the first time, setting a record high. In addition, the unit price of exports rose sharply in January, with an increase of 29.9%, which was the highest value for the first time in 3 years and 9 months, which drove export growth.


At the same time, imports increased by 3.1% year-on-year to US$44.05 billion. The trade balance achieved a surplus of US$3.96 billion, maintaining a surplus for nine consecutive months. This is the first time South Korea’s exports have increased by double digits for two consecutive months since August-September 2017. Taking into account the number of working days, the average daily export value increased by 6.4% year-on-year to 2.13 billion US dollars, a record high in the same month of the previous year. Among them, the export unit prices of high value-added products such as system semiconductors (16%), electric vehicles (81%), OLEDs (52.1%) and medical devices (64%) have soared.


Vietnam South

Exports increased by 40% year-on-year


According to the General Administration of Statistics of Vietnam, in January 2021, Vietnam’s total imports and exports in January reached 54.1 billion U.S. dollars, of which exports were 27.7 billion U.S. dollars, an increase of 0.2%; imports were 26.4 billion U.S. dollars, a decrease of 5.4%. However, compared with the same period in 2020, imports and exports have risen sharply. Among them, exports increased by 41% year-on-year, and imports increased by 45.7% year-on-year. In addition, Vietnam's merchandise retail and service industry activities have shown an upward trend compared with the previous month and the same period last year. The total revenue of Vietnam's merchandise retail and service industry reached 479.9 trillion VND (approximately US$20.8 billion), an increase of 3.7% from the previous month.


In terms of exports, crude oil and mineral products have changed significantly. Crude oil exports were approximately 356,000 tons, a month-on-month increase of 35.4%. The export of various mineral products was about 270,000 tons, a decrease of 24.8% from the previous month. This was an increase of 23.5% year-on-year. In terms of imports, 780,000 tons of various refined oil products were imported, a year-on-year increase of 3.5%, while imports fell by 22.6%. Computers, electronic products and spare parts, mechanical equipment, tools and spare parts, and all kinds of original automobiles have all increased year-on-year.


Turkey

Exports hit a record high


According to the Economic and Commercial Office of the Chinese Embassy in the Republic of Turkey, Turkey’s exports in January increased by 2.46% year-on-year to US$15.048 billion, a record high, continuing the momentum of export growth in the fourth quarter of last year. In addition, due to the increase in consumer and service industry confidence indexes (4% and 2.9% month-on-month respectively), Turkey's January economic confidence index increased by 1.6% month-on-month, reaching a value of 96.2.


Turkish Trade Minister Pekcan emphasized that he hopes that Turkish exports this year will continue to focus on 17 target countries including China and five major industries including machinery, automobiles, chemicals, electrical appliances and food, and actively use e-commerce to achieve a total export volume of more than 1,840 in 2021. Billion dollar goal.


India

Foreign exchange reserves hit a record high


According to CNBC (U.S. Consumer News and Business Channel) Indonesia station reported on February 5, the latest report of the Bank of Indonesia showed that Indonesia’s foreign exchange reserves rose to US$138 billion in January 2021, a record high. And last month's foreign exchange reserves were 135.9 billion U.S. dollars. The above-mentioned foreign exchange reserves are sufficient to cover Indonesia's 10-month imports and government foreign debt repayment.


Singapore

Manufacturing expansion for seven consecutive months


According to recent data from the Singapore Institute of Purchasing and Logistics Management (SIPMM), Singapore’s Manufacturing Purchasing Managers’ Index (PMI) rose to 50.7 in January this year from 50.5 in the previous month, reaching the highest level since March last year, achieving seven consecutive manufacturing operations. The monthly expansion was mainly due to the accelerated growth of new orders, new exports and factory output.


In addition, Singapore’s output index in January was reported at 51.5, the highest level since November 2018. The inventory index expanded for nine consecutive months, and the backlog of orders index also expanded for seven consecutive months. Economists predict that the electronics industry and precision will perform the strongest this year.


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