- In one line: A new post-pandemic low, but risks to the outlook from imported inflation increase.
Moorthy Krshnan (Senior Asia Economist)Emerging Asia
- Bank Indonesia’s rebranded benchmark rate—the BI rate —was held at 6.00%, as universally expected.
- BI understandably urged caution on food inflation, but base effects here will soon give a helping hand.
- With the core still subdued, the headline should fall below BI’s new target in Q2, paving the way for cuts.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Malaysian export growth fell in November, but this was expected, due to unfriendly base effects…
- … And it should not be extrapolated as a sign of slowing export growth momentum.
- Headline growth in December will likely increase on the back of a turnaround in electronics exports.
Moorthy Krshnan (Senior Asia Economist)Emerging Asia
- Singaporean export growth finally returned to the black in November after 13 months…
- …But the recovery is likely to be gradual, as weak demand weighs on the pace of inventory clearance.
- The slow march in electronics exports will likely show more strongly next year.
Moorthy Krshnan (Senior Asia Economist)Emerging Asia
Pharmaceuticals boost Singaporean exports in November
Moorthy Krshnan (Senior Asia Economist)Emerging Asia
- The slump in Indonesian export growth eased more in November, with the commodities hit still fading…
- …This dynamic is helping imports, too, masking the grow th slowdown in consumer and capital goods.
- The crash in Philippine exports in October isn’t as bad as it looks, while the import jump is deceptive.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- In one line: We told you not to panic about October’s record deficit; you’re welcome.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- In one line: The next move is a cut, and could come as early as Q1.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
The seven-month bout of WPI deflation in India comes to an end
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- In one line: The worst of the recent food price surge is over; Diwali calendar effects flatter October IP massively.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
Don’t worry too much about the October crash in Philippine exports
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
Encouraging start to Q4 for Indonesian retail sales, but dark clouds loom
Weak start to Malaysian private consumption in Q4
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
The RBI still isn’t showing any appetite for normalisation
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
Deflation in Thailand will stay for at least one more month
A reminder that any recovery in Philippine domestic demand will be bumpy
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
India’s PMIs are entering 2024 with waning momentum
Weak start to Singaporean retail sales in Q4
Target range inflation in the Philippines is around the corner
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
Only a small respite for ASEAN manufacturing in November
The mean-reversion in Indian’s manufacturing PMI remains largely intact
Adverse food price base effects in Indonesia will now unwind
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- In one line: Q3 was better than Q2, but the headline continues to be flattered absurdly by statistical discrepancies.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia