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Growth in India's dominant services industry lost some steam in August but overall conditions remained strong despite elevated inflationary pressures, according to a business survey that showed exports were at a record high on robust foreign demand. The S&P Global India services Purchasing Managers' Index fell to 60.1 in August from 62.3 in July, lower than the Reuters poll expectation of 61.0. Despite India's manufacturing activity expanding at a three-month high in August, slower services growth meant the overall S&P Global India Composite PMI Output Index cooled to 60.9 last month from 61.9.   Source : https://www.channelnewsasia.com/business/global-business-activity-showed-signs-slowdown-august-pmis-3747761

  China's exports and imports sank again in August, as the onshore Yuan fell to the lowest dollar level since 2007. The disappointing yet expected trade figures add to growing pres- sure on authorities to introduce fresh stimulus for the world's number two economy even as the data showed some sign of improvement. Exports -- which have historically served as a key growth engine for China -- sank 8.8 percent. Shipments to Western countries in August fell significantly on-year, with US-bound goods diving 17.4 percent and those to the European Union 10.5 percent lower. Youth unemployment reached a record level of more than 20 percent in June, according to official figures, the publication of which has since been suspended. A report showing China's services sector grew last month at a much slower pace than expected added to the negative sentiment this week.   Source : https://www.thejakartapost.com/business/2023/09/07/china-exports-imports-fall-in-august-as-onshore-yuan-hits-16-year-low.html    

President Jokowi traveled to New Delhi to attend the Group of 20 (G20) Leaders’ Summit recently, accompanied by Coordinating Minister for Economic Affairs Airlangga Hartarto. His visit marked the end of Indonesia’s role as a troika partner for the economic forum. The troika role is defined by the member countries who led the group for the past three years, which are Italy, Indonesia and India, in that order. Throughout the forum, it was evident that Indonesia collaborated with major economies toward strengthening and diversifying trade and investment for all. This is essential to future-proof the country’s transformation by expanding market access and growing industries to embrace a new, green economy. Furthermore, the forum also presented an opportunity for Indonesia to reinforce a rules-based global order to ensure fair and predictable guidelines that enable all countries to compete on a level playing field, which are especially important for the country as a vast and diverse maritime trading nation.   Source : https://www.thejakartapost.com/business/2023/09/12/indonesia-displays-untapped-potential-amid-g20-summit-in-new-delhi.html

U.S. food and beverage maker PepsiCo began building a snack factory in Indonesia's West Java, marking its return to Southeast Asia's largest economy after splitting with a local partner two years ago. The factory, part of PepsiCo's $200 million commitment to invest in Indonesia over a 10-year period, is expected to start producing snacks by 2025. PepsiCo's affiliate Fritolay Netherlands Holding B.V. and Indofood CBP, a unit of Indonesia's largest food company Indofood Group, ended a 30-year joint venture in 2021 without providing any reason, when Indofood bought PepsiCo's minority stake.   Source : https://www.channelnewsasia.com/business/pepsico-returns-indonesia-breaks-ground-snack-factory-3734191

Please be informed that in light of the imminent typhoon approaching the Hong Kong area and its vicinity, there might be significant delays in shipments. Most of Hong Kong and other parts of southern China ground to a near standstill Friday with classes and flights canceled as Super Typhoon Saola edged closer. Hongkong has issued warning of Typhoon Signal No.8.  The No. 8 signal is the third-highest warning under Hong Kong's weather system. Due to the storm, many public services and activities in Hong Kong have been suspended. Its forecast said Saola — with maximum sustained winds of 210 kilometers (130 miles) per hour — would be closest to the financial hub on Friday night and Saturday morning, skirting within about 50 kilometers (30 miles) south of the city’s shopping district Tsim Sha Tsui. Mainland Chinese rail authorities ordered all trains entering or leaving Guangdong province to be suspended from Friday night to early evening Saturday.   Source : https://apnews.com/article/typhoon-saola-china-taiwan-hong-kong-2f25a56cdafff9468f397731333602c

U.S. retail sales increased more than expected in July as Americans boosted online purchases and dined out more, suggesting the economy continued to expand early in the third quarter and keeping a recession at bay. The report from the Commerce Department on Tuesday also showed consumers splurging on hobbies, sporting goods and clothing, underscoring their resilience despite the Federal Reserve's aggressive interest rate hikes to tame inflation. But the value of sales at auto dealerships fell 0.3% after rising 0.7% in June. Receipts at furniture stores dropped 1.8% and electronics and appliance store sales declined 1.3%.   Source : https://www.reuters.com/business/retail-consumer/us-retail-sales-increase-more-than-expected-july-2023-08-15/

Indonesia's current account swung into deficit for the first time in two years in the second quarter due to falling commodity prices and weak global growth. Having posted a $6.5 billion balance of payments surplus in the first quarter, Indonesia showed a $7.4 billion deficit in the April-June quarter. Bank Indonesia (BI) blamed portfolio outflows related to global market uncertainties for the payments deficit, which was not unexpected for the market, as foreign exchange reserves data had given forewarning of the way flows had turned.   Source : https://www.channelnewsasia.com/business/indonesia-posts-first-quarterly-current-account-deficit-2-years-3715101

The annual and largest vehicle exhibition in Indonesia, known as the Gaikindo Indonesia International Auto Show (GIIAS), was held with participation from 49 multinational automotive companies, fueled by strong sales figures. Hosted by the Indonesian Automotive Industry Association, or Gaikindo, the auto show features 29 passenger car brands, five commercial vehicle brands, and 15 motorcycle brands. Last year, car exports from Indonesia surged by approximately 60 percent to reach 470,000 units, the highest number in the country's history, covering 93 destination countries.   Source : https://jakartaglobe.id/business/indonesias-largest-auto-show-giias-kicks-off-with-enthusiasm