Tag: Global Economy

Malaysia's exports rose 9.8% to RM112.28 billion in February 2023, with robust sales of petroleum products, electrical and electronic goods, and liquefied natural gas. Imports increased 12.4% to RM92.71 billion, resulting in a RM19.56 billion trade balance, marking a 7.9% increase from January.

The Malaysian Palm Oil Board reported a 6.56% decrease in palm oil stockpiles to 2.11 million tonnes in February 2023. Crude palm oil stocks fell 7.69% to 1.16 million tonnes, while production declined 9.35% to 1.25 million tonnes. Oleo-chemical exports increased 8.13% to 228,088 tonnes.

Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus reports that Malaysia is unlikely to enter a recession in 2023. Despite reduced foreign demand, domestic expenditure is expected to anchor economic growth, with the first quarter of 2023 showing more robust performance compared to the previous quarter.

Cambodia's international trade surged in 2022, with total foreign trade reaching $52.425 billion, representing a 9.19% year-over-year increase. Imports and exports grew by 4.32% and 16.44% respectively, while the trade deficit reduced by 20.60%, signaling positive economic momentum.

Asian financial markets show positive momentum as U.S. economic data boosts investor confidence. The Philippine Peso and Malaysian Ringgit strengthen, reflecting robust economic performance and improved regional market outlook. Both currencies experience significant gains in early January, driven by strong economic indicators and renewed investor optimism.

Malaysia's Department of Statistics reports a significant rise in total trade for December 2022, reaching RM236.0 billion. Exports increased by 6.0% to RM131.9 billion, while imports grew 12.0% to RM104.1 billion. The annual trade milestone of RM2.8 trillion was achieved, with states like Johor and Sarawak contributing to the export performance.

The UN Food and Agriculture Organization reported that global food prices reached an all-time high in 2022, averaging 14% higher than 2021. Factors including the Russian-Ukrainian war, widespread drought, and economic challenges contributed to significant food commodity price increases, with vegetable oil prices showing notable declines.

Chile's ratification of the CPTPP creates significant opportunities for Malaysian businesses, offering reduced tariff rates and easier market access across 11 Pacific Rim countries, according to Minister Tengku Zafrul Abdul Aziz.

Major US bank leaders like Jamie Dimon predict economic challenges ahead, citing inflation's impact on consumer purchasing power. With pandemic savings expected to deplete by mid-2023 and potential interest rate stabilization, banks are preparing for a potential mild to hard recession next year.

Asian markets show mixed performance as Hong Kong and China stocks rise, despite worries about economic slowdown. The MSCI Asia-Pacific index edges up, with Hang Seng surging over 2% following China's COVID policy relaxation. Australian and Japanese markets experience declines, reflecting ongoing global economic uncertainties.