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18 February 2013 asianbondsonline.adb.org
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Key Developments in Asian Local Currency Markets
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Asia Bond Monitor November 2012 read more
10-Year Selected LCY Government Security Yields Close of 15 February 2013 basis point change from
Markets Latest Closing Previous Day* Previous Week* 1-Jan-13*
Selected Benchmark Yield Curves — Local Currency Government
Policy Rate versus Inflation Rate Charts
Government Security Yields
Credit Default Swap Spreads and Exchange Rate IndexesSelected Debt Security Issuances Selected Asia Data Releases
2- versus 10- Year Yield Spread Chart
rowth in Philippine merchandise exports rose sharply to 16.5% year-on-year (y-o-y) in December from 5.5% in November. The sudden increase in y-o-y growth can be partly explained by a low base in December 2011, when exports fell 18.9% y-o-y. Nevertheless, export growth was also strong on a month-on-month (m-o-m) basis in December, rising 11.8%. Exports to Japan rose 12.7% y-o-y, while exports to the United States (US) and the
People's Republic of China (PRC) fell 5.9% and 10.8%, respectively. Exports to most other major markets saw high double-digit increases.
Indonesia's balance of payments surplus climbed to US$3.2 billion in 4Q12 from US$0.8 billion in 3Q12, reflecting an improvement in the capital and financial account surplus, which reached US$11.4 billion in 4Q12, nearly double the US$6.0 billion surplus in 3Q12. On the other hand, the current account deficit in 4Q12 reached US$7.8 billion, compared with US$5.3 billion in 3Q12. For the full-year 2012, the current account deficit was US$24.2 billion (equivalent to 2.7% of GDP), while the capital and financial account surplus reached US$24.9 billion.
Japan's gross domestic product (GDP) contracted at an annualized rate of 0.4% in 4Q12, following a revised 3.8% contraction in the previous quarter, as falling exports and a business investment slump outweighed improved consumption. These developments have bolstered Prime Minister Shinzo Abe's plan for more monetary stimulus to combat deflation.
Last week, policy rates were held steady by central banks in Indonesia (5.75%), Japan (between zero and 0.1%), and the Republic of Korea (2.75%).
In the Republic of Korea, automobile production climbed 23.3% y-o-y and 2.2% m-o-m to 410,602 units in January, while automobile exports rose 17.1% y-o-y and 4.7% m-o-m to 288,344 units. Meanwhile, domestic automobile sales rose 10.3% y-o-y but fell 20.2% m-o-m to 117,323 units. In Singapore, retail sales declined 1.5% y-o-y in December after contracting 1.2% in November. Excluding motor vehicles, retail sales fell 0.4% y-o-y. Between November and December, retail sales dropped 0.9% as sales of telecommunications apparatus and computers fell 12.1%.
Remittances from overseas Filipinos rose 9.7% y-o-y in December following a 7.6% increase November. Remittances for the month
of December reached US$2.2 billion, bringing total remittances for the year to US$23.8 billion, a 6.4% increase from 2011. The bulk of the remittances (42.6%) in 2012 came from the US.
Government bond yields fell last week for most tenors in Indonesia, Malaysia and the Philippines, while yields rose for all tenors in Hong Kong, China; and Thailand and for most tenors in Singapore. Yield movements were mixed in the Republic of Korea, and unchanged in the PRC and Viet Nam due to their national holidays. Yield spreads between 2- and 10- year maturities widened in Hong Kong, China; Indonesia; the Republic of Korea; Singapore; and Thailand, while spreads remained unchanged in the PRC and Viet Nam, and narrowed in other emerging East Asian markets.
G
US 2.00 0.43 5.18 24.43EU 1.65 0.90 4.30 33.60Japan 0.75 -1.50 -1.20 -3.80PRC 3.60 0.00 0.00 1.00Hong Kong, China 1.26 -2.40 3.20 66.20India 7.83 1.20 -1.30 -16.60Indonesia 5.26 -0.20 1.20 7.00Korea, Rep. of 3.08 -1.00 2.00 -8.00Malaysia 3.47 0.00 0.00 -3.20Philippines 3.67 0.54 -8.39 -48.50Singapore 1.59 -2.00 8.00 29.00Thailand 3.63 1.80 10.10 11.60Viet Nam 9.50 0.00 0.00 -70.00
5.18
4.30
-1.20
0.00
3.20
-1.30
1.20
2.00
0.00
-8.39
8.00
10.10
0.00
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Summary Text of News Articles
Philippine Exports Rise 16.5% y-o-y in December ....................................................................................................................... Philippine merchandise export growth rose sharply to 16.5% year-on-year (y-o-y) in December from 5.5% in November. The strong growth was partly due to a low base as exports contracted in December 2011 by 18.9% y-o-y. Growth, however, was still strong on a month-on-month (m-o-m) basis in December as exports rose 11.8%. By commodity, exports of electronics fell 5.5% y-o-y, while exports of woodcrafts and furniture grew 48.0%. Semiconductors, a key sub-category under electronics, rose 3.5% y-o-y but fell 13.2% m-o-m. Semiconductors made up 30.7% of total exports. The Philippines top three export markets showed y-o-y decreases, with the exception of Japan, which saw Philippine exports rise 12.7%. Meanwhile, exports to the US and the People's Republic of China (PRC) fell 5.9% and 10.8% y-o-y, respectively. Exports to other major markets saw significant double-digit gains.
For historical trends in Philippine exports, refer to this link: http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php
Indonesia's BOP Surplus at US$3.2 Billion in 4Q12 ....................................................................................................................... Indonesia's balance of payment (BOP) surplus climbed to US$3.2 billion in 4Q12 from US$0.8 billion in 3Q12, resulting from an improvement in the capital and financial surplus. The current account deficit, however, worsened further during the quarter. The surplus in the capital and financial account reached US$11.4 billion, nearly double the US$6.0 billion surplus recorded in 3Q12. This was mainly due to higher portfolio inflows for purchases of local currency (LCY) and foreign currency (FCY) government securities, as well as foreign direct investment inflows. The withdrawal of offshore funds held by domestic banks also contributed to the surplus. On the other hand, the current account deficit further widened in 4Q12, reaching US$7.8 billion, or an equivalent of 3.6% of gross domestic product (GDP), compared with US$5.3 billion in 3Q12.
For the full-year 2012, the BOP surplus stood at US$0.2 billion. The current account deficit in 2012 was recorded at US$24.2 billion, or the equivalent of 2.7% of GDP, while the capital and financial account surplus reached US$24.9 billion.
For more statistics on Indonesia's balance of payments, refer to this link: http://asianbondsonline.adb.org/indonesia/data/macroeconomic_credit.php
Japanese GDP Contracts 0.4% y-o-y in 4Q12 ....................................................................................................................... Japan's GDP contracted at an annualized rate of 0.4% in 4Q12, following a revised 3.8% contraction in the previous quarter, as falling exports and a business investment slump outweighed improved consumption. These developments bolstered Prime Minister Shinzo Abe's plan for more monetary stimulus to end deflation.
For historical trends on Japan's GDP, refer to this link: http://asianbondsonline.adb.org/japan/data/macroeconomic_credit.php
Policy Rates Held Steady in Indonesia, the Republic of Korea, and Japan ....................................................................................................................... Bank Indonesia's (BI) Board of Governors, in a meeting held on 12 February, decided to keep its benchmark interest rate at 5.75%. The BI rate has been kept at this record-low level since February of last year. At its current level, the BI rate remains consistent with the central bank's full-year 2013 inflation target range of between 3.5% and 5.5%. According to BI's assessment, Indonesia's economy continued its robust performance, yet pressure on the external balance remains strong due to the weak global environment.
At its monetary policy meeting held on 14 February, the Bank of Japan (BOJ) decided to keep its target rate-the uncollateralized overnight call rate-unchanged at between zero and 0.10%. The BOJ also announced that it will pursue aggressive monetary easing, aiming to achieve a 2.0% price stability target.
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Summary Text of News Articles
Policy Rates Held Steady in Indonesia, the Republic of Korea, and Japan (cont…) ....................................................................................................................... The Bank of Korea's Monetary Policy Committee decided to keep the base rate steady at 2.75% in its 14 February meeting. The committee noted that it expects the global economic recovery to be modest and that the fiscal crisis in the eurozone and fiscal consolidation in the US will both persist as downside risks. In addition, the committee views the Republic of Korea's economic growth outlook as weak as consumption has fallen and both consumer price inflation and core inflation have been running at low levels.
For policy rate trends in Indonesia, refer to this link: http://asianbondsonline.adb.org/indonesia/data/marketwatch.php?code=policy_rate_and_inflation_trends
For policy rate trends in Japan, refer to this link: http://asianbondsonline.adb.org/japan/data/marketwatch.php?code=policy_rate_and_inflation_trends
For policy rate trends in the Republic of Korea, refer to this link: http://asianbondsonline.adb.org/korea/data/marketwatch.php?code=policy_rate_and_inflation_trends
Automobile Production and Exports Rise in the Republic of Korea in January; Retail Sales Falls in Singapore in December .......................................................................................................................
In the Republic of Korea, automobile production climbed 23.3% y-o-y and 2.2% m-o-m to 410,602 units in January. Meanwhile, automobile exports rose 17.1% y-o-y and 4.7% m-o-m to 288,344 units for the month. The Ministry of Knowledge Economy has attributed January's improvement in automobile production and exports to an increase in the number of working days. Also in January, domestic automobile sales rose 10.3% y-o-y but fell 20.2% m-o-m to 117,323 units.
In Singapore, retail sales declined 1.5% y-o-y in December after contracting 1.2% in November. Excluding motor vehicles, retail sales fell 0.4% y-o-y. Between November and December, retail sales dropped 0.9% as sales of telecommunications apparatus and computers fell 12.1%. On a m-o-m basis, retail sales in the categories of medical goods and toiletries, provision and sundry shops, department stores, motor vehicles, supermarkets, and wearing apparel and footwear fell between 0.8% and 3.5%. In contrast, retail sales of watches and jewelry, optical goods and books, food and beverages, furniture and household equipment, and petro service station sales climbed between 1.5% and 4.3% from a month earlier.
Philippine Remittances Rise 9.7% in December ....................................................................................................................... Remittances from overseas Filipinos rose 9.7% y-o-y in December from 7.6% growth in November. Remittances for the month of December reached US$2.2 billion, bringing total remittances for the year to US$23.8 billion, a 6.4% increase from the prior year. The bulk of the remittances came from the US, comprising 42.6% of the Philippines' total cash remittances in 2012.
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Tip: Zoom-in on the table using the Acrobat zoom tool Selected Government Security Yields
3-Month Selected LCY Government Security Yields
10-Year Selected LCY Government Bond Yields
Close of 15 February 2013
Close of 15 February 2013
EU = European Union, LCY =local currency, PRC = People’s Republic of China, US = United States. Source: Based on data from Bloomberg, LP.
PreviousDay*
PreviousWeek* 1-Jan-13*
US 0.10 0.00 3.04 5.57EU 0.02 0.00 1.30 -0.30Japan 0.08 0.00 0.50 -2.00PRC 2.70 0.00 0.00 -16.00Hong Kong, China 0.12 1.00 2.00 7.00India 7.98 0.00 1.00 -15.00Korea, Rep. of 2.68 -1.00 -1.00 -6.00Malaysia 3.03 0.00 0.10 -0.10Philippines 0.05 -25.00 -7.50 -25.00Singapore 0.26 0.00 0.00 3.00Thailand 2.70 0.05 1.09 -5.55
basis point change fromLatest ClosingMarkets
3.04
1.30
0.50
0.00
2.00
1.00
-1.00
0.10
-7.50
0.00
1.09
PreviousDay*
PreviousWeek* 1-Jan-13*
US 2.00 0.43 5.18 24.43EU 1.65 0.90 4.30 33.60Japan 0.75 -1.50 -1.20 -3.80PRC 3.60 0.00 0.00 1.00Hong Kong, China 1.26 -2.40 3.20 66.20India 7.83 1.20 -1.30 -16.60Indonesia 5.26 -0.20 1.20 7.00Korea, Rep. of 3.08 -1.00 2.00 -8.00Malaysia 3.47 0.00 0.00 -3.20Philippines 3.67 0.54 -8.39 -48.50Singapore 1.59 -2.00 8.00 29.00Thailand 3.63 1.80 10.10 11.60Viet Nam 9.50 0.00 0.00 -70.00
basis point change fromLatest ClosingMarkets
5.18
4.30
-1.20
0.00
3.20
-1.30
1.20
2.00
0.00
-8.39
8.00
10.10
0.00
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Tip: Zoom-in on the table using the Acrobat zoom tool Benchmark Yield Curves – LCY Government Bonds
Indonesia
EU = European Union, LCY = local currency US = United States. Source: Based on data from Bloomberg.
Viet NamThailandSingapore
PhilippinesMalaysiaKorea, Republic of
Hong Kong, China China, People’s Rep. of
JapanEUUS
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
0 4 8 12 16 20 24 28 32
Yie
ld (%
)
Time to maturity (years)15-Feb-13 08-Feb-13 01-Feb-13
0.0
0.4
0.8
1.2
1.6
2.0
2.4
0 5 10 15 20 25 30
Yie
ld (%
)
Time to maturity (years)
15-Feb-13 08-Feb-13 01-Feb-13
0.0
0.3
0.5
0.8
1.0
1.3
1.5
1.8
2.0
2.3
0 4 8 12 16 20 24 28 32 36 40
Yie
ld (%
)
Time to maturity (years)15-Feb-13 08-Feb-13 01-Feb-13
2.5
2.8
3.0
3.3
3.5
3.8
0 1 2 3 4 5 6 7 8 9 10 11
Yie
ld (%
)
Time to maturity (years)15-Feb-13 08-Feb-13 01-Feb-13
0.0
0.5
1.0
1.5
0 2 4 6 8 10 12 14 16
Yie
ld (%
)
Time to maturity (years)15-Feb-13 08-Feb-13 01-Feb-13
4.0
4.5
5.0
5.5
6.0
6.5
7.0
0 3 6 9 12 15 18 21 24 27 30 33
Yie
ld (%
)Time to maturity (years)
15-Feb-13 08-Feb-13 01-Feb-13
2.5
2.8
3.0
3.3
3.5
0 2 4 6 8 10 12 14 16 18 20 22
Yie
ld (%
)
Time to maturity (years)15-Feb-13 08-Feb-13 01-Feb-13
2.8
3.0
3.2
3.4
3.6
3.8
4.0
0 2 4 6 8 10 12 14 16 18 20 22
Yie
ld (%
)
Time to maturity (years)
15-Feb-13 08-Feb-13 01-Feb-13
0.0
1.0
2.0
3.0
4.0
5.0
6.0
0 3 6 9 12 15 18 21 24 27
Yie
ld (%
)
Time to maturity (years)
15-Feb-13 08-Feb-13 01-Feb-13
0.0
0.5
1.0
1.5
2.0
2.5
0 3 6 9 12 15 18 21
Yie
ld (%
)
Time to maturity (years)15-Feb-13 08-Feb-13 01-Feb-13
2.6
2.9
3.1
3.4
3.6
3.9
4.1
0 2 4 6 8 10 12 14 16
Yie
ld (%
)
Time to maturity (years)15-Feb-13 08-Feb-13 01-Feb-13
7.5
8.0
8.5
9.0
9.5
10.0
10.5
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Yie
ld (%
)
Time to maturity (years)15-Feb-13 08-Feb-13 01-Feb-13
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Tip: Zoom-in on the table using the Acrobat zoom tool 2- versus 10- Year Yield Spread Chart
EU = European Union, US = United States. Source: Based on data from Bloomberg LP.
0 20 40 60 80 100 120 140 160 180 200
US
EU
Japan
China, People's Rep. of
Hong Kong, China
Indonesia
Korea, Rep. of
Malaysia
Philippines
Singapore
Thailand
Viet Nam
basis points
15-Feb-13
8-Feb-13
1-Feb-13
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Tip: Zoom-in on the table using the Acrobat zoom tool Policy Rate versus Inflation Rate
Philippines Thailand
China, People’s Rep. of Hong Kong, China India
The PRC uses the 1-year lending rate as one of its policy rates. Source: Bloomberg LP.
The Hong Kong Monetary Authority maintains a Discount Window Base Rate. Source: Bloomberg LP.
The Reserve Bank of India uses the repurchase (repo) cut-off yield as its policy rate. Source: Bloomberg LP.
Indonesia Korea, Republic of Malaysia
Bank Indonesia uses its reference interest rate (BI rate) as its policy rate. Source: Bloomberg LP.
The Bank of Korea shifted its policy rate from the overnight repurchase (repo) rate to the 7-day repo rate in March 2008. Source: Bloomberg LP.
Bank Negara Malaysia uses the overnight policy rate (OPR) as its policy rate. Source: Bloomberg LP.
Viet Nam
Bangko Sentral uses the Philippine overnight reverse repurchase agreement rate as one of its policy instruments. Source: Bloomberg LP.
The Bank of Thailand replaced the 14-day repurchase rate with the 1-day repurchase rate in January 2007 as its policy rate. Source: Bloomberg LP.
The State Bank of Viet Nam uses a benchmark prime lending rate as its policy rate. Source: Bloomberg LP.
Inflation Rate
2.00
1-year Lending Rate
6.00
-4
-2
0
2
4
6
8
10
Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 May-12 Feb-13
Inflation Rate
3.70
HKMA Base Rate
0.50
-4
-2
0
2
4
6
8
Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 May-12 Feb-13
Inflation Rate
6.62
Repurchase Cut-off Yield
7.75
-2
0
2
4
6
8
10
12
Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 May-12 Feb-13
Inflation Rate
4.57
5.75
0
2
4
6
8
10
12
14
16
18
20
Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 May-12 Feb-13
BI Rate
Inflation Rate
1.50
7-Day Repo Rate
2.75
0
2
4
6
8
Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 May-12 Feb-13
Inflation Rate
1.20
Overnight Policy Rate
3.00
-4
-2
0
2
4
6
8
10
Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 May-12 Feb-13
Inflation Rate
3.00
Overnight Reverse
Repo Rate
3.50
0
2
4
6
8
10
12
Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 May-12 Feb-13
Inflation Rate
3.39
1-Day Repo Rate
2.75
-6
-4
-2
0
2
4
6
8
10
Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 May-12 Feb-13
Inflation Rate
7.07
Prime Lending Rate
9.00
0
3
6
9
12
15
18
21
24
27
30
Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 May-12 Feb-13
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Tip: Zoom-in on the table using the Acrobat zoom tool Credit Default Swap Spreads and Exchange Rate Indexes
Credit Default Swap Spreads — Senior 5-Year*
Exchange Rate Indexes (vis-à-vis US$, 2 January 2007=100)
* In US$ and based on sovereign bonds Source: Thomson Reuters
Mid
spre
ad in
bas
is po
ints
Source: ADB-Office of Regional Economic Integration staff calculations based on Bloomberg data.
0
200
400
600
800
1,000
1,200
1,400
Feb-08 Aug-08 Mar-09 Oct-09 Apr-10 Nov-10 Jun-11 Dec-11 Jul-12 Feb-13
China, People's Rep. of
Hong Kong, China
Indonesia
Korea, Rep. of
Japan
Malaysia
Philippines
Thailand
50
60
70
80
90
100
110
120
130
50
60
70
80
90
100
110
120
130
Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 May-12 Feb-13
China, People's Rep. of
Indonesia
Korea, Rep. of
Malaysia
Philippines
Thailand
Singapore
Viet Nam
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Tip: Zoom-in on the table using the Acrobat zoom tool Selected Debt Security Issuances (11 – 15 February 2013)
ID 14-Feb 3-month Treasury Bills 3.08 1,000.001-year Treasury Bills 4.25 1,000.0011-year Treasury Bonds 5.26 2,100.0016-year Treasury Bonds 5.95 1,950.0021-year Treasury Bonds 6.27 3,900.00
JP 13-Feb 3-month Treasury Discount Bills 0.08 5,700.00 5,739.8840-year Japanese Government Bonds 2.12 400.00 412.10
KR 12-Feb 91-day Monetary Stabilization Bonds 2.71 1,200.00 1,250.001-year Monetary Stabilization Bonds 2.71 1,000.00 1,040.005-year Treasury Bonds 2.75 1,400.00 1,400.00
MY 13-Feb 126-day BNM Islamic Notes 3.05 1.50 1.50182-day BNM Islamic Notes 3.05 1.00 1.00210-day BNM Notes 3.01 0.50 0.50
TH 12-Feb 28-day BOT Bills 2.67 25.00 25.0091-day BOT Bills 2.68 30.00 30.00182-day BOT Bills 2.69 25.00 22.70
VN 15-Feb 3-year Treasury Bonds 8.60 3,000.00 3,000.00BNM = Bank Negara Malaysia, BOT = Bank of Thailand, LCY = local currency.Sources: Local market sources and Bloomberg, LP.
A m o u n t Is s u e d (L C Y billio n)M a r k e ts
A u c tio n D a te T y p e o f S e c u r ity
A v e r a g e Y ie ld (% )
C o u p o n (% )
A m o u n t O ffe r e d (L C Y billio n)
7,000.00
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Tip: Zoom-in on the table using the Acrobat zoom tool Selected Asia Data Releases (19 – 25 February 2013)
Source: AsianBondsOnline , Bloomberg LP, and Reuters.
Hong Kong, ChinaExportsy-o-y, %JAN
02/25 12/11: 7.4%01/12: –8.6%11/12: 10.5%12/12: 14.4%
Hong Kong, China’s export grow th rose to 14.4% y-o-y in December from 10.5% in November.
R e le a s e D a te R e c e n t T r e n d sE c o n o m y a n d V a r ia b le H is to r ic a l D a ta
Malaysia’s economy expanded 5.2% year-on-year (y-o-y) in 3Q12, slightly low er than revised 5.6% grow th in 2Q12.
MalaysiaGDPy-o-y, %4Q12
02/20 3Q11: 5.7%4Q11: 5.2%2Q12: 5.6%3Q12: 5.2%
The Philippines balance of payments (BOP) surplus shrank to US$640 million in December from US$2,161 million in November.
Malaysia’s current account surplus narrow ed to MYR9.5 billion in 3Q12 from MYR9.6 billion in 2Q12.
PhilippinesBalance of PaymentsUS$ millionJAN
02/19 12/11: –11401/12: 86411/12: 2,16112/12: 6403Q11: 27.44Q11: 22.42Q12: 9.63Q12: 9.5
02/19 to 02/20MalaysiaCurrent Account BalanceMYR million4Q12
The Bank of Thailand’s Monetary Policy Committee decided to keep the 1-day repurchase rate steady at 2.75% at its 9 January meeting.
Consumer price inf lation in Malaysia eased to 1.2% y-o-y in December compared w ith 1.3% in November.
MalaysiaCPIy-o-y, %JAN
02/20 12/11: –8.0%01/12: –9.2%11/12: –4.1%12/12: –5.8%
JapanExportsy-o-y, %JAN
Exports from Japan dropped 5.8% y-o-y in December after contracting 4.1% in November.
02/20 12/11: 3.0%01/12: 2.7%11/12: 1.3%12/12: 1.2%
Thailand1-Day Repurchase Rate%20 FEB
02/20 01/12: 3.00%02/12: 3.00%12/12: 2.75%01/13: 2.75%
Hong Kong, ChinaUnemployment Ratey-o-y, %JAN
02/21 12/11: 3.3%01/12: 3.2%11/12: 3.4%12/12: 3.3%
Hong Kong, China’s unemployment rate fell slightly to 3.3% in December from 3.4% in November.
Hong Kong, ChinaCPIy-o-y, %JAN
02/22 12/11: 5.7%01/12: 6.1%11/12: 3.7%12/12: 3.7%
Hong Kong, China’s consumer price index (CPI) remained unchanged at 3.7% y-o-y in December.
SingaporeCPIy-o-y, %JAN
02/25 12/11: 5.5%01/12: 4.8%11/12: 3.6%12/12: 4.3%
Consumer price inf lation in Singapore climbed to 4.3% y-o-y in December from 3.6% in November on account of higher accommodation and transportation costs.
Viet NamCPIy-o-y, %FEB
02/24 01/12: 17.3%02/12: 16.4%12/12: 6.8%01/13: 7.1%
Consumer price inf lation in Viet Nam, as measured by the CPI, climbed to 7.1% y-o-y in January from 6.8% in December.
Viet NamExports YTDy-o-y, %FEB
02/24 01/12: –11.1%02/12: 24.8%12/12: 18.3%01/13: 43.2%
Viet Nam’s export grow th accelerated to 43.2% y-o-y in January from 18.3% in December.
Viet NamIndustrial Productiony-o-y, %FEB
02/24 01/12: –2.4%02/12: 22.1 %12/12: 5.9%01/13: 21.1%
Viet Nam’s industrial production rose 21.1% y-o-y in January from 5.9% grow th in December.
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News Articles: Sources for Further Reading
Philippine Exports Rise 16.5% y-o-y in December
• Merchandise Export Performance : December 2012 National Statistics Office (12 February 2013)
Indonesia’s BOP Surplus at US$3.2 Billion in 4Q12
• Indonesia Balance of Payments Posts Q4/2012 Surplus of US$3.2 Billion
Bank Indonesia (13 February 2013)
Japanese GDP Contracts 0.4% y-o-y in 4Q12
• Japan GDP Decline Strengthens Abe’s Case for Stimulus: Economy
Bloomberg (14 February 2013)
Policy Rates Held Steady in Indonesia, the Republic of Korea, and Japan
• BI Rate Maintained at 5.75% Bank Indonesia (12 February 2013)
• Statement on Monetary Policy The Bank of Japan (14 February 2013)
• Monetary Policy Decision The Bank of Korea (14 February 2013)
Automobile Production and Exports Rise in the Republic of Korea in January; Retail Sales Falls in Singapore in December
• MKE Releases Car Sales Figures in January Ministry of Knowledge Economy (13 February 2013)
• Retail Sales Index Statistics Singapore (15 February 2013)
Philippine Remittances Rise 9.7% in December
• Cash Remittances Coursed Through Banks Increase by 6.3 Percent in 2012, Exceed 2012 Forecast
Bangko Sentral ng Pilipinas (15 February 2013)
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