asia sourcing update - fung group · asia sourcing update cambodia, indonesia, ... minimum wage for...

FU

NG

BU

SIN

ES

S IN

TE

LL

IGE

NC

E C

EN

TR

E

Asia Sourcing Update – Cambodia, Indonesia, Philippines, Thailand and Vietnam

March 2013

IN THIS ISSUE:

I. In the News II. Major Economic Indicators III. Daily Exchange Rates

Cambodia

Economy grew by 7.3% yoy in 2012

Garment industry continued to attract

foreign investment

Minimum wage for garment workers

will be raised with effect from May

Philippines

Exports registered negative yoy growth in

January

FDI hit US$ 2 billion in 2012

The country is eyeing the EU’s Generalized

Scheme of Preferences Plus

Indonesia

New EU Timber Regulation presents wood-based

industries with both risks and opportunities

Vulnerable firms are exempted from the minimum

wage increase

Trade deficit persisted in January

Vietnam

Garment sector sees bright signs in export

Southern cities may see power shortage in

dry season

CPI registered negative mom growth in

March after the Tet holiday

Exports rose 23.9% yoy in the first two

months of 2013

Thailand

Exports fell 5.8% yoy in February

Textile and garment exports

dropped by 12.2% yoy in 2012

Volatile baht would hurt furniture

exporters

Thai-EU FTA will be signed

within two years

Asia Sourcing Update

1

March 2013

In the News

Cambodia: Economy grew by 7.3% yoy in

2012

The country achieved a GDP growth rate of

7.3% in 2012, the Prime Minister Hun Sen said

during a conference on 2013 Cambodia Outlook.

The growth was driven by a strong agricultural

sector and a thriving tourism industry, as well as

the robust real estate and construction sectors.

Moderate expansion in garment exports and

rising public and private investment also

contributed to the growth. Despite weak external

demand, the garment industry managed to

achieve export revenue of US$ 4.6 billion in

2012, up by 8% yoy. In terms of investment, the

country approved 157 domestic and foreign

investment projects with total investment

amounting to US$ 2.28 billion in 2012.

GDP growth is expected to be above 7% in

2013, according to the Prime Minister.

Cambodia’s inflation edged up to 2.5% in 2012

and is projected to stay within 4% in 2013.

Cambodia: Garment industry continued to

attract foreign investment

Cambodia has become a new apparel

manufacturing base and the country’s clothing

industry continued to attract an increasing

amount of foreign investments. Duty-free access

to major apparel markets, relatively low labor

cost, stable macroeconomic environment,

incentives provided by the government, and

favorable geographical location in the centre of

ASEAN are major drivers of foreign investments.

According to data from the Council for the

Development of Cambodia, 82 garment

factories with total investment of US$ 499

million were approved in 2012, as compared

with 45 garment factories worth US$ 205 million

being set up in 2011. In 2012, the Chinese

Mainland was the largest investor in Cambodia’s

garment sector with a total investment of US$

121 million, followed by Taiwan (US$ 112 million)

and South Korea (US$ 70 million). Other

countries/regions that invested in Cambodia’s

apparel sector included Singapore, the US,

Malaysia, Japan, Thailand, Australia, England

and India.

Labor-intensive garment manufacturers have

been seeking new production bases with low

labor cost, as minimum wages witness double-

digit growth in traditional producing countries

such as China, Thailand, Indonesia and

Vietnam. Recently, it is reported that several

South Korean investors are relocating or

planning to relocate their garment factories from

Indonesia to Cambodia after the former raised

its minimum wage in January.

Cambodia: Minimum wage for garment

workers will be raised with effect from May

The Cambodian government announced on 21

March that the minimum basic pay will be raised

from US$ 61 to US$ 75 per month with effect

from 1 May. After the adjustment, the minimum

wage for a worker will be US$ 80 per month

before overtime pay, inclusive of the statutory

US$ 5 healthcare allowance.

The announcement came after a tripartite

meeting among the government, the Garment

Manufacturers Association in Cambodia (GMAC)

and worker unions had agreed upon the new

minimum wage standard.

A number of unions still refused to accept the

new minimum wage standard, and vowed to

continue to fight for a monthly wage of US$ 100.

It is reported that 7,000 workers from the Win

Star Garment Factory in southwestern

Cambodia went on strike recently, demanding a

minimum wage of US$ 100 per month and

better working conditions.

Cambodia’s garment industry is the country’s

biggest export earner and employs more than

300,000 workers.

Cambodia, Indonesia, Philippines, Thailand and Vietnam

2

Indonesia: New EU Timber Regulation

presents wood-based industries with both

risks and opportunities

The EU Timber Regulation came into force on 3

March, prohibiting the placing of timber and

timber products on the EU market if they are

illegally harvested. The regulation covers a

broad range of timber products including solid

wood products, flooring, plywood, pulp and

paper.

Under the new regulation, anyone placing

timber or timber products on the EU market for

the first time must implement a due diligence

system to ensure that the timber is legally

harvested.

In order to curb the rampant illegal logging, the

Indonesian government introduced the

mandatory Timber Legality Verification System

(SVLK) in 2010 to guarantee buyers that the

wood and wood-based products are sourced

legally and in an environmentally friendly

manner. The country also signed an agreement

on legal timber trade with the EU in May 2011.

As many of Indonesia’s competitors have yet to

develop a similar certification scheme, the SVLK

gives the country an edge in wood-based

products in the EU market after the new

regulation is implemented. However, while the

EU Ambassador Julian Wilson reassured

producers and traders that Indonesian timber

products certified under the SVLK will be

unconditionally accepted by the EU, the

European Commission’s International Forest

Policy representative John Bazill was

considering the establishment of an

independent team to assess the verification

system.

Tiber and its products are Indonesia’s major

export items. According to data from the Ministry

of Trade, in 2012 the country exported US$ 3.4

billion worth of wood products and US$ 3.9

billion worth of paper products, 2.3% and 2.6%

of the country’s total export value of US$ 153.1

billion respectively.

(For more information on the EU Timber

Regulation, please visit

http://ec.europa.eu/environment/forests/timber_r

egulation.htm#products)

Indonesia: Vulnerable firms are exempted

from the minimum wage increase

The minimum wage for 2013, which differs by

region, put significant pressure on the business

sector after substantial increases have been

implemented in key areas with high

concentrations of labor-intensive industries,

including Jakarta (up 44%) and West Java (up

25% on average).1

Amid concerns over massive layoffs, Minister for

Manpower and Transmigration Muhaimin

Iskandar revealed to the press in early February

that a company would be granted an exemption

from complying with the new minimum wage

standards immediately if an agreement could be

reached between the company and its workers;

or if a company could prove, through financial

reports, that it could not afford the new minimum

wage.

As of early February, 941 firms have applied for

an exemption from the minimum wage hike, and

among which 500 have been granted a delay.

According to the Minister, it is expected that

80% of the applications will be approved

eventually.

Indonesia: Trade deficit persisted in January

The country recorded US$ 15.4 billion worth of

exports in January, down 1.24% yoy and 0.11%

mom.

According to the Central Statistics Bureau (BPS),

the country’s top export destination in January

was China with total export value of US$ 1.5

1 For an analysis of the impact of the 2013 minimum

wage hike on the textile industry, please refer to our January issue (Indonesia: Textile prices are set to increase significantly), which is available at http://www.funggroup.com/eng/knowledge/research/AsiaSourcing_january13.pdf

http://ec.europa.eu/environment/forests/timber_regulation.htm#products

http://ec.europa.eu/environment/forests/timber_regulation.htm#products

http://www.funggroup.com/eng/knowledge/research/AsiaSourcing_january13.pdf

http://www.funggroup.com/eng/knowledge/research/AsiaSourcing_january13.pdf


3

March 2013

billion, accounting for 9.7% of the country’s total

export value. The next two largest export

destinations were Japan at US$ 1.4 billion

(9.1% of total export value) and India at US$ 1.3

billion (8.4% of total export value), with the latter

replacing the US as Indonesia’s third largest

export destination.

While non-oil and gas imports were down by

0.24% yoy, total imports were on the rise, as a

result of a surge in oil and gas imports by

33.81% yoy to US$ 4.0 billion. With total imports

in January up by 6.82% yoy to US$ 15.5 billion,

the country was seen logging trade deficits for

three consecutive months since November 2012.

Philippines: Exports registered negative yoy

growth in January

The Philippines’ merchandise exports

decreased by 2.7% from US$ 4.12 billion in

January 2012 to US$ 4.01 billion in January

2013, as demand for electronics products – the

country’s largest export category – remained

sluggish.

Exports of electronics, which made up 36.6% of

the country’s total exports, slumped by 31.9%

yoy to US$ 1.47 billion in January. Other export

categories that recorded double-digit decline

included ‘machinery and transport equipment’ (-

23.1% yoy) and ‘apparel and clothing

accessories’ (-41.7% yoy).

By contrast, some major categories witnessed

drastic growth in January. Chemicals, the

Philippines’ second largest export item, more

than tripled the export value in January 2013

compared with a year ago. Exports of ‘metal

components’ and ‘woodcrafts and furniture’

grew by 56.7% yoy and 52.0% yoy respectively.

Merchandise exports increased by 7.6% yoy to

a record high of US$ 52 billion in 2012. But the

growth rate was lower than the 10% annual

growth target envisaged in the Philippine Export

Development Plan (PEDP) 2011-2013.

According to the PEDP, the country aims at

achieving US$ 68.5 billion in merchandise

exports in 2013.

Philippines: FDI hit US$ 2 billion in 2012

According to data from the Philippines central

bank, foreign direct investment (FDI) in 2012

rose to US$ 2 billion, 9.8% higher than the

previous year’s level. It was the highest record

after 2007 when FDI reached US$ 2.9 billion.

By FDI component, net equity capital

placements, which accounted for 66% of total

FDI, more than doubled to reach US$ 1.3 billion

in 2012 from US$ 0.56 billion in 2011. The

equity capital inflows mainly came from the US,

Australia, the Netherlands, Japan and the British

Virgin Islands. Manufacturing, real estate,

wholesale & retail trade, and finance &

insurance were the most favored sectors. Net

reinvested earnings, another FDI component,

rose by 7.9% yoy to reach US$ 1.1 billion in

2012, as foreign investors opted to retain a

portion of their corporate earnings with their

local enterprises.

Foreign investors’ strong confidence in the

country mainly comes from the resilient

Philippines economy. In 2012, the country’s real

GDP recorded a robust growth of 6.6% yoy and

annual inflation remained low at 3.2%. Recently,

the Philippines has been given an investment

grade for the first time by Fitch Ratings, one of

the three biggest credit rating agencies. The

rating upgrade is expected to boost investment,

as it will improve investor sentiment towards the

country, reduce borrowing costs and widen the

pool of potential investors.

Philippines: The country is eyeing the EU’s

Generalized Scheme of Preferences Plus

The Department of Trade and Industry (DTI)

said in a statement that the government was

discussing the possibility of applying for the

EU’s Generalized Scheme of Preferences Plus

(GSP+) status. The GSP+, which has a focus on

good governance and sustainability, is one of

the EU’s import preference schemes for

developing countries.

The Philippines has already been a beneficiary

of the basic GSP, under which around 2,400


4

products can enter the EU duty-free and about

3,700 products can enjoy lower tariffs. The

GSP+, which is a special incentive arrangement

for sustainable development and good

governance, has a wider coverage with around

6,200 goods to be granted duty-free access to

the EU market.

To become eligible for the GSP+ status, the

country must ratify and abide by 27 international

conventions covering the environment,

governance, human and labor rights, and

sustainable development. The Philippines is

eyeing to qualify for the GSP+ status in the next

10-year cycle starting on 1 January 2014, as the

existing GSP cycle will end on 31 December

2013.

(For more information on the GSP, please visit

http://ec.europa.eu/trade/wider-

agenda/development/generalised-system-of-

preferences/ )

Thailand: Exports fell 5.8% yoy in February

The country’s exports dropped unexpectedly by

5.8% yoy to US$ 17.9 billion in February, after

recording positive yoy growth for five

consecutive months. The weakness in exports

mainly reflected the slowdown in shipments of

agricultural and manufactured products. On a

month-on-month basis, exports fell 1.9%, partly

because there were fewer working days in

February.

The decline in exports can be attributed to the

global economic recession, particularly in the

US and Japan which are Thailand’s major

export markets. In addition, the baht’s

appreciation, supported by sound

macroeconomic fundamentals and strong

capital inflows, was another reason for the

decline. Looking at January and February

together, exports grew 4.1% compared to the

same period last year.

Thailand’s economic growth has been gathering

momentum in recent quarters thanks to the

resilient domestic demand and buoyant exports.

Real GDP grew 18.9% yoy in the fourth quarter

of 2012, after expanding 3.1% yoy in the

previous quarter, according to the National

Economic and Social Development Board.

Thailand: Textile and garment exports

dropped by 12.2% yoy in 2012

Exports of textile and clothing from Thailand

registered US$ 7.22 billion in 2012, down 12.2%

yoy, according to the Thai Garment

Manufacturers Association (TGMA) and the

Thailand Textile Institute (THTI).

The slump in the country’s textile and clothing

exports was attributable to the economic

slowdown in key markets, especially the EU.

Textile and garment exports to the EU stood at

US$ 1.09 billion in 2012, posing a significant

drop of 24.3% yoy. Exports of textile and

garment to China, the US and Japan also fell by

by 15.5%, 14.1% and 4.8% yoy respectively in

2012.

By segment, exports of textiles dipped by 13.7%

yoy to US$ 4.27 billion, while apparel exports

dropped by 10.0% yoy to US$ 2.95 billion in

2012.

Thailand: Volatile baht would hurt furniture

exporters

Furniture exports dropped by 1% to US$ 1.14

billion in 2012 due to unfavorable global

economic conditions as well as higher

production costs driven mainly by the minimum

wage hike. The country’s furniture exports are

expected to grow by 5% yoy in 2013 under the

current exchange rate (29.5-29.6 baht per US

dollar), according to Mr. Verachai Kuna-

vichayanont, chairman of the Thai Furniture

Industry Club. The EU, Japan and the US are

the biggest markets for Thai furniture.

Nonetheless, export growth may be hampered if

the baht appreciates to 28 baht per US dollar or

higher. Currency appreciation will harm the

competitiveness of Thai furniture against

furniture from China and Vietnam. To cope with

the stiff competition, Thai furniture exporters

http://ec.europa.eu/trade/wider-agenda/development/generalised-system-of-preferences/




5

March 2013

have begun to focus on high-end products and

small orders.

Thailand: Thai-EU FTA will be signed within

two years

During their visit to Sweden and Belgium in

early March, the Thai delegation announced that

the Thai-EU Free Trade Agreement (FTA) will

be concluded within two years. The first meeting

between the Thai-EU trade delegations is

scheduled in May.

Thailand is the EU’s third largest trading partner

within ASEAN and the EU is Thailand’s third

largest trading partner after Japan and China. If

concluded successfully, the FTA will begin to

take effect just as Thailand’s preferential trade

treatment under the EU’s Generalized System

of Preferences (GSP) expires in 2015. Last year,

Kasikorn Research Center, a Thai research

company, projected that the expiration of the

GSP status would affect 39% of Thai exports to

the EU.

So far Thailand has signed bilateral trade

agreements with Japan, Australia, India, New

Zealand and Peru, and is part of the ASEAN-

China FTA. According to the Foreign Trade

Department, Thailand’s exports under FTAs

were worth US$ 41.7 billion in 2012, 4.4%

higher than 2011 level of US$ 39.9 billion. The

rising value of exports under FTAs shows that

exporters are increasingly aware of the benefits

derived from trade agreements.

Vietnam: Garment sector sees bright signs

in export

In the first two months of 2013, the country’s

garment manufacturers saw overseas buyers

came in droves. By the end of February, around

90% of the country’s apparel manufacturers had

their capacity booked until the end of June, and

50% were even booked until the end of the year,

according to Pham Xuan Hong, the Deputy

Chairperson of the Vietnam Textile and Apparel

Association (VITAS). The orders came mostly

from the US and Japan.

In 2012, exports from the garment and textile

sector totaled US$ 17.2 billion, representing a

yoy growth of 8.5%. The sector is expected to

achieve an export growth of 12-15% yoy to

pocket more than US$ 19.3 billion in export

revenue this year.

While most of the garment producers are

charging their overseas buyers prices around

10% higher than last year, the costs of raw

materials have also gone up by 10-15% over the

period. As domestic supply of raw materials can

only meet 48-50% of the garment industry’s

demand, concerns about imported inflation

continue to keep the garment manufacturers

cautious about accepting new orders.

Vietnam: Southern cities may see power

shortage in dry season

The Vietnam Electricity Group (EVN)

announced that power shortage may occur in

the south from March to June, when demand for

electricity goes up in summer and water level

becomes too low for hydro-electricity generation.

As there will be no new power generator going

into operation in 2013, EVN will have to

generate an extra 1.1 billion kilowatt-hour of

power from fuel oil and diesel oil in the dry

season.

According to EVN, power supply during the dry

season this year is expected to be strained.

Although the group had earlier accumulated

water in hydropower reservoirs, the water level

is still below normal.

In view of the looming power shortage, the

Southern Power Corporation (EVN SPC), a

subsidiary of EVN, has asked 6,000 industrial

producers in 21 southern cities and provinces to

prepare plans for cutting back on production so

as to reduce power consumption by 10-15%.

These 6,000 producers consume about 60% of

the electricity supplied by EVN SPC. Among

them 200 are steel and cement makers.


6

As electricity generated with fuel oil and diesel

oil has higher production costs than electricity

produced by hydropower plants or coal-run

power plants, a new round of electricity price

increase has become more likely, especially

given the Ministry of Industry and Trade’s recent

plan to give EVN more autonomy in setting

prices.

The electricity price would also go up once the

price of coal increases. At present, EVN buys

coal at a discounted price (70% of the

production cost of coal) from the state-owned

Vinacoal, the only coal supplier in the country,

and the government is expected to approve

Vinacoal’s proposal to raise the price of coal this

year.

Vietnam: CPI registered negative mom

growth in March after the Tet holiday

The year-on-year growth rate of the country’s

consumer price index (CPI) moderated from

7.07% yoy in January to 7.02% yoy in February,

and further decelerated to 6.64% yoy in March.

On a month-on-month basis, the CPI registered

growth of 1.25%, 1.32% and -0.19% in January,

February and March respectively. The negative

growth of the CPI in March was the combined

effect of reduced consumption demand after the

Tet holiday (the Lunar New Year holiday) and

the stabilization of healthcare service prices,

which had gone up rapidly last year.

According to the country’s General Statistics

Office (GSO), food and foodstuff prices fell

significantly by 0.53% mom in March, while

beverages and tobacco prices decreased

slightly by 0.08% mom. Transport and

telecommunication service costs dropped by

0.25% mom and 0.05% mom respectively.

As inflation eased, the State Bank of Vietnam

(SBV) announced on 25 March to lower the

refinancing rate from 9% p.a. to 8% p.a. and the

discount rate from 7% p.a. to 6% p.a. to spur

lending and boost consumption. The cap on

dong deposit interest rates was also reduced

from 8% p.a. to 7.5% p.a. The new rates came

into effect on 26 March.

Vietnam: Exports rose 23.9% yoy in the first

two months of 2013

The country’s export turnover in the first two

months of 2013 increased by 22.0% over the

same period last year to US$ 18.7 billion,

according to statistics from the Department of

Customs. On a month-on-month basis, export

growth was 10.8% in January and -37.7% in

February. We believe the fluctuation can be

partly explained by the fewer working days

during the Tet (Lunar New Year) holidays in

February.

In January-February 2013, exports of textiles

and garments, footwear products, and wood and

wooden products reached US$ 2.5 billion (+21.3%

yoy), US$ 1.2 billion (+18.7% yoy) and US$ 737

million (+23.2% yoy) respectively.


7

March 2013

Major Economic Indicators Cambodia

Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12

Consumer price index (yoy growth %) 1.3 2.2 1.4 1.2 1.6 2.5

Exports (yoy growth %) -2.8 25.3 8.4 0.9 16.2 11.9

Exports (US$ mn) 515.5 571.5 508.9 405.4 451.6 597.7

Of which: - Clothing (US$ mn) 393.6 458.4 384.7 302.6 363.3 375.9

- Other textile products 4.8 5.2 5.6 5.3 5.2 6.0

- Shoes 28.2 26.6 22.2 20.6 29.9 32.0

Imports (yoy growth %) 24.0 1.8 41.5 11.0 7.7 11.7

Imports (Cambodian riels bn) 1192.3 982.7 1255.4 1082.7 1103.1 1155.8

Gasoline (riels/litre) 5.1 5.4 5.5 5.4 5.4 5.3

Diesel (riels/litre) 4.8 5.1 5.1 5.1 5.1 5.1 Source: Ministry of Economy and Finance

Indonesia

Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13

Quarterly GDP (real yoy growth %) 6.1(4Q12) -

Production index of large and medium manufacturing (yoy growth %)

9.5 12.6 11.2 11.5 - -

Manufacturing PMI (HSBC) 51.9 51.5 50.7 49.7 50.5 51.3

Real retail sales index (yoy growth %) 19.3 17.2 15.1 7.2 - -


Exports (yoy growth %) -9.6 -5.3 -9.9 -1.2 -4.5 -

Exports (fob, US$ bn) 15.3 16.3 15.4 15.4 15.0

Imports (yoy growth %) 10.8 10.0 -5.4 6.2 3.0 -

Imports (US$ bn) 17.2 16.9 15.6 15.5 15.3 -

BI rate (%, end of month) 5.75 5.75 5.75 5.75 5.75 5.75 Source: Statistics Indonesia, Bank Indonesia, HSBC PMI reports

Philippines


Quarterly GDP (real yoy growth %) 6.8(4Q12) - Value of production index, manufacturing (yoy growth %)

16.0 6.6 5.3 8.5 - -

Volume of production index, manufacturing (yoy growth %)

19.1 9.8 9.2 18.6 - -

Producer price index for total manufacturing (yoy growth %)

-2.6 -3.0 -3.6 -9.2 -9.1 -


Exports (yoy growth %) 6.1 5.5 16.5 -2.7 - -

Exports (fob,US$ mn) 4408.0 3549.6 3970.8 4010.8 - -

Imports (yoy growth %) 4.3 2.3 14.4 -8.0 - -

Imports (fob,US$ mn) 5239.9 5139.1 5300.3 4724.7 - -

Balance of trade (US$ mn) -831.9 -1589.5 -1329.6 -713.9 - -

Overnight repo rate (%, end of month) 5.50 5.50 5.50 5.50 5.50 5.50 Source: National Statistics Office, National Statistical Coordination Board, Bangko Sentral ng Pilipinas


8

Thailand


Quarterly GDP (real yoy growth %) 18.9(4Q12) -

Industrial production index (value added weight, not seasonally adjusted), yoy growth %

36.0 82.3 23.0 10.2 -1.2 -

Producer price index (yoy growth %) 1.1 0.6 0.9 0.6 0.1 -0.3


Exports (yoy growth %) 15.6 26.9 13.4 16.1 -5.8 -

Exports (US$ bn) 19.5 19.6 18.1 18.3 17.9 -

Imports (yoy growth %) 21.6 24.5 4.7 40.9 5.3 -

Imports (US$ bn) 22.0 21.0 20.5 23.8 19.5 -

Trade balance (US$ bn) -2.5 -1.5 -2.4 -5.5 -1.6 -

One-day repo rate (%, end of month) 2.75 2.75 2.75 2.75 2.75 2.75 Source: National Economic and Social Development Board, Office of Industrial Economics, Bank of Thailand, Ministry of Commerce Vietnam


Quarterly GDP (real yoy growth %) 5.4(4Q12) 4.9(1Q13)

Industrial production index (yoy growth %) 5.7 6.7 5.9 21.1 -10.1 5.6

Manufacturing PMI (HSBC) 48.7 50.5 49.3 50.1 48.3 50.8

Retail sales of consumer goods and services (year-to-date, yoy growth %) 17.1 16.4 16.0 8.1 10.9 11.7

Price index of materials used for production (yoy growth %)

4.1(4Q12) 3.4(1Q13)

Producer price index for industrial products (yoy growth %)

4.8(4Q12) 3.6(2Q13)


Exports (year-to-date, yoy growth %) 18.9 18.7 18.2 54.7 22.0 -

Exports (US$ mn) 10321.9 10347.5 10355.5 11471.7 7146.3 -

Of which:

- Textile (US$ mn) 1343.9 1248.3 1352.9 1590.2 909.4 -

- Shoes & sandals 597.0 708.2 735.9 823.1 377.9 -

- Wood & products 413.7 425.8 451.3 488.8 249.0 -

Imports (year-to-date, yoy growth %) 6.7 6.5 6.6 53.7 14.1 -

Imports (US$ mn) 10165.5 9952.4 9856.9 10695.5 7239.9 -

Refinancing rate (end of month %) 10.0 10.0 9.0 9.0 9.0 8.0 Source: General Statistics Office of Vietnam, General Department of Vietnam Customs, State Bank of Vietnam, HSBC PMI reports


9

March 2013

Daily Exchange Rates

The Fung Business Intelligence Centre 10/F, Li Fung Tower, 888 Cheung Sha Wan Road, Hong Kong Tel: (852) 2300 2470 Fax: (852) 2635 1598 E-mail: [email protected]

© Copyright 2013 The Fung Business Intelligence Centre. All rights reserved. Though the Fung Business Intelligence Centre endeavours to ensure the information provided in this publication is accurate and updated, no legal liability can be attached as to the contents hereof. Reproduction or redistribution of this material without prior written consent of the Fung Business Intelligence Centre is prohibited.

3980

3990

4000

4010

4020

4030

4040

4050

Rie

l/dol

lar

Source: National Bank of Cambodia

Cambodia: KHR/USD official exchange rate (Oct 2012 - Mar 2013)

9350

9400

9450

9500

9550

9600

9650

9700

9750

Rup

iah/

dolla

r

Source: Bank Indonesia

Indonesia: USD buy rate (Oct 2012 - Mar 2013)

40.50

40.70

40.90

41.10

41.30

41.50

41.70

41.90

Pes

o/do

llar

Source: Bangko Sentral ng Pilipinas (BSP)

Philippines: PHP/USD BSP reference rate (Oct 2012- Mar 2013)

29.00

29.50

30.00

30.50

31.00 B

aht/d

olla

r

Source: Bank of Thailand

Thailand: THB/USD mid-rate (Oct 2012 - Mar 2013)

20750

20800

20850

20900

20950

21000

Don

g/do

llar

Source: State Bank of Vietnam

Vietnam: USD buy rate of commercial banks (Oct 2012 - Mar 2013)

asia sourcing update - fung group · asia sourcing update cambodia, indonesia, ... minimum wage for...

Documents