This week’s trade news includes a raft of major statistical releases, including inflation and GDP data in the EU, US and beyond. China also gives an update on its industrial production numbers, which have proven controversial in its relationship with other economies in recent years.
There are also updates on a summit of southern African states, which promises to address the goal of accelerating industrialisation in the region as investment in green technology increases, and on the inaugural speech of the new prime minister of Singapore, who will be seeking to define himself following the long incumbency of his predecessor.
The stats stack up
It’s a major week for statistics, with India set to start proceedings today (12 August) with the publication of its latest inflation data. The US follows tomorrow with producer price index inflation numbers for July, before it publishes CPI inflation rate data on Wednesday.
EU economic indicators will also be published Wednesday, with Q2 GDP and employment figures published alongside numbers for the bloc’s industrial production in June. France, the bloc’s second largest economy, also publishes its July CPI and harmonised index consumer prices inflation rate data.
There will also be CPI numbers from the UK and US on Wednesday, before China’s July industrial production numbers and Japan’s Q2 GDP on Thursday.
Africa in focus
The 44th meeting of the Southern African Development Community (SADC) convenes in Zimbabwe this Saturday with a focus on building “an industrialised SADC”. It follows the seventh SADC ‘industrialisation week’ which took place from late July to early August.
The organisation aims to improve economic cooperation and integration between its member states, which include Angola, Botswana, South Africa, Zimbabwe and 12 others. The summit is “the policy-making institution of SADC”.
Last week, we examined how southern African states are approaching trade, as Angola bagged a major US investment for solar energy and South Africa’s fruit exports suffered under collapsing infrastructure for transporting goods. Chartered Institute of Export & International Trade members can read more here.
Singapore switch
The new prime minister of Singapore, Lawrence Wong, delivers a major address at this week’s National Day Rally in what is functionally his inaugural address after taking over from Lee Hsien Loong in May.
Loong led the country for 20 years before stepping down and analysts have predicted a general election later in the year, according to Yahoo News Singapore.
Singapore Management University’s associate professor Eugene Tan said that the speech and Wong’s early months in the role will require him to “demonstrate that he is his own man”.
A report by DHL noted that the small Asian nation remained “the most globally connected country” in 2022 and changes to its trade policy could have implications far afield.
Tan also noted when speaking to Yahoo News Singapore:
“Many of the current policies, norms, and standards are closely associated with Lee Hsien Loong because of his 40 years in the corridors of power.
"And to me, the question of whether Lawrence Wong is his own man becomes a more pertinent one than his predecessors."
Other dates for the diary
Monday: OPEC August oil market report
Tuesday: Germany’s ZEW economic sentiment survey published
Wednesday: Norway’s Government Pension Fund Global half-year report released
Thursday: Indian prime minister Narendra Modi delivers speech marking anniversary of independence
Friday: University of Michigan publishes August consumer sentiment index
Saturday: Indonesia celebrates 79 years of independence in new capital Nusantara
Sunday: International Delivery Driver Appreciation Day