Asian economies bounce back amid renewed COVID-19 fears: Economic wrap

Asian economies bounce back amid renewed COVID-19 fears: Economic wrap

China posted an all-time high trade surplus of $84.5 billion in October, compared to a surplus of $57.3 billion a year earlier, official data revealed. This was fueled by a surge in China’s exports in October, growing by 27.1 percent from a year ago to stand at $300.2 billion. Most noticeably, exports of rare earths experienced considerable expansion, increasing by 89 percent. Imports jumped by a slower yearly rate of 20.6 percent in October to reach $215.7 billion. Imports of coal soared by 96.2 percent while purchases of natural gas went up by 24.6 percent. var width=document.documentElement.clientWidth;if(width>=320&&width<728){}; googletag.cmd.push(function(){try{var d=document.documentElement.clientWidth;var a;var c="/21857811890/en.zcom/";var b;if(d>=320&&d<728){a=[300,250];b=["mobile_mr_story"]}else{a=[300,250];b=["MR_Story"]}var h="MR_Story";var g=googletag.defineSlot("/21857811890/en.zcom/",a,"div-gpt-ad-MR_Story").setTargeting("type",b).addService(googletag.pubads());gptAdSlots.push(g);if(h!="MR_Story"){googletag.pubads().collapseEmptyDivs(true,true)}googletag.pubads().enableSingleRequest();googletag.enableServices();if((h=="PSB_Left")||(h=="mobile_psb_left")||(h=="PSB_Top")||(h=="mobile_psb_top")||(h=="PSB_Bottom")||(h=="mobile_psb_bottom")||(h=="PSB_Middle")||(h=="mobile_psb_middle")||(h=="leaderboard_home")||(h=="leaderboard_bottom_home")||(h=="mobile_leaderboard_home")||(h=="mobile_leaderboard_bottom_home")){setInterval(function(){googletag.pubads().refresh([g])},240000)}}catch(f){console.log("Error loading Ad banner "+h)}}); try{googletag.cmd.push(function(){googletag.display("div-gpt-ad-MR_Story")})}catch(e){console.log("Error displaying Ad banner "+bannerName)}; Meanwhile, the country’s foreign exchange reserves increased slightly in October, reaching $3.22 trillion up from $3.20 trillion in the previous month. Indonesia’s growth Indonesia’s economy in the third quarter of 2021 recorded a quarterly expansion of 1.6 percent, falling from last quarter’s growth of 3.3 percent, Statistics Indonesia said. Government spending growth shrank considerably from last quarter’s 28.7 percent to 9 percent. Similarly, household consumption went down by 0.2 percent compared to a growth of 1.3 percent in the previous quarter. Meanwhile, exports jumped by 9.3 percent