Core Insights - Indonesia's GDP growth for Q3 2025 is reported at 5.04%, aligning closely with market expectations of 5% but slightly lower than the previous quarter's growth of 5.12% [1] - Key drivers of economic growth include exports and government spending, with exports of goods and services increasing by 9.91% year-on-year [1] - Fixed asset investment and private consumption growth have slowed, with fixed asset investment growing by 5.04% and household final consumption expenditure increasing by 4.89% [1] Economic Performance - The trade surplus for September reached $4.34 billion, marking 65 consecutive months of surplus since May 2020 [1] - The quarterly economic growth rate is 1.43%, with the electricity and gas sector showing the highest growth at 5.42% [1] - Other sectors such as construction and manufacturing also showed positive growth, while public administration and financial services experienced contraction [1] Government Outlook - The Indonesian government maintains its GDP growth target for the year at 5.2%, supported by sound fiscal policies and expectations of loose monetary policy [2] - The Finance Minister has set a target for Q4 growth to exceed 5.5% [2]

Core Insights - Argentina's imports reached a record high in September, leading to a narrowing trade surplus [1] Trade Data Summary - In September, Argentina's export value was $8.128 billion, while imports totaled $7.207 billion, resulting in a trade surplus of $921 million, marking the 21st consecutive month of surplus [1] - September imports increased by 10.1% month-on-month, the largest rise since September of the previous year, with seasonally adjusted imports reaching the highest level since August 2022 [1] - Notable increases in imports were seen in consumer goods and automobiles [1] Export Performance - In September, exports grew by 16.9% year-on-year and 1.3% month-on-month, continuing a five-month growth streak [1] - The temporary reduction in export withholding taxes significantly boosted soybean exports, which surged by 47% year-on-year [1] Cumulative Trade Surplus - From January to September, the cumulative trade surplus reached $6.03 billion, only 40% of the surplus recorded in the same period of 2024 [1] - The total trade surplus for the year is projected to be $7.7 billion, representing a year-on-year decline of 31.3% [1]

Group 1 - Japan's trade surplus with the United States decreased by 22.6% in the first half of 2025, amounting to 3.3222 trillion yen, marking the first decline in nine half-year periods [2] - Japan's exports to the U.S. fell by 10.2% to 9.7115 trillion yen, primarily due to declines in the automotive and machinery sectors [2] - The average price of Japanese cars exported to the U.S. dropped by 20.8% to 3.6 million yen, compared to 4.55 million yen in the same period last year [3] Group 2 - Japanese automakers are absorbing U.S. tariffs to maintain domestic sales prices, with a reported average price drop of 11.6% in September [5] - Some companies are passing on tariff costs by raising prices locally, which may negatively impact sales volume [5] - There is a trend of relocating production bases from Japan to the U.S., exemplified by Nissan moving part of its SUV production to the U.S. [5] Group 3 - China's trade surplus with the U.S. decreased by 29.8% in the first half of 2025, with exports down by 25.7% [6] - The European Union's trade surplus with the U.S. fell by 20% in the same period, with exports decreasing by 5% and imports from the U.S. increasing by 4% [6] Group 4 - Japan's overall trade balance showed a deficit of 1.2238 trillion yen in the first half of 2025, continuing a trend of deficits for nine consecutive half-year periods [7] - The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) aims to strengthen multilateral cooperation in free trade [7]

Group 1 - Japan's trade surplus with the US decreased by 22.6% year-on-year in the first half of 2025, amounting to 3.3222 trillion yen, primarily due to high tariffs imposed by the Trump administration [2][4] - Japan's exports to the US fell by 10.2% in the first half of the year, marking the first decline in nine and a half years, with significant drops in the automotive and machinery sectors [4][6] - The average price of Japanese cars exported to the US decreased by 20.8% compared to the previous year, reflecting the impact of tariffs and market conditions [4][6] Group 2 - Other countries, including China and the Eurozone, also experienced a reduction in trade surpluses with the US, with China's surplus decreasing by 29.8% and the Eurozone's by 20% [2][7] - The overall trade balance for Japan showed a deficit of 1.2238 trillion yen in the first half of 2025, continuing a trend of deficits for nine and a half consecutive periods [7] - The ongoing trade tensions and tariff increases between the US and China could lead to further declines in trade volumes, impacting global trade dynamics [6][7]

Core Insights - The article highlights the resilience of Chinese exports despite ongoing trade tensions with the U.S., suggesting that many Chinese products remain indispensable to the U.S. market, thereby enhancing China's bargaining power in upcoming trade negotiations [1][4]. Trade Performance - Chinese exports to the U.S. reached over $100 billion in Q3 2023, contributing to a trade surplus of nearly $67 billion, despite an overall decline in trade volume [1][4]. - In September, China's exports grew by 8.3% year-on-year, surpassing economists' expectations, indicating a robust export performance [9][11]. Product-Specific Insights - Certain products, such as electric bicycles and refined copper, saw significant export growth, with electric bicycle exports valued at over $500 million and refined copper exports rising to $270 million [4][5]. - The export of smartphones, laptops, and computer components to the U.S. amounted to nearly $8 billion, despite being less than half of the previous year's figures [5]. Market Dynamics - The article notes that the U.S. tariffs have had limited impact on the import of certain Chinese goods due to their critical role in global supply chains, particularly in sectors like rare earths and electronics [1][4]. - Analysts suggest that the restructuring of supply chains to replace Chinese goods would take time, indicating a continued reliance on Chinese products [1][8]. Future Outlook - There is speculation that the U.S. and China may seek to ease trade tensions in the coming weeks, with both sides potentially making concessions [11]. - The Chinese government emphasizes the need for continued efforts to stabilize foreign trade amid a complex external environment [11].

Core Viewpoint - Japan's exports to the United States have significantly decreased due to the impact of U.S. tariffs on automobiles and steel, leading to a substantial reduction in Japan's trade surplus with the U.S. [1] Group 1: Trade Statistics - In the first half of the fiscal year 2025 (April to September 2023), Japan's exports to the U.S. fell by 10.2% to 9.71 trillion yen (approximately 64 billion USD) [1] - The trade surplus with the U.S. decreased by 22.6% to 3.32 trillion yen (approximately 22 billion USD) [1] - The decline in exports was primarily driven by a 22.7% drop in automobile exports, which constitute over one-third of Japan's total exports to the U.S. [1] Group 2: Global Trade Overview - Japan's total exports increased slightly by 0.2% year-on-year to 53.65 trillion yen (approximately 352 billion USD) [1] - Japan's imports decreased by 3.2% year-on-year to 54.88 trillion yen (approximately 360 billion USD) [1]

Core Insights - Switzerland's trade surplus narrowed to 2.8 billion Swiss francs in September, marking the lowest level since May of this year [1] Import Analysis - Imports surged by 9.4% month-on-month, reaching 19.9 billion Swiss francs, driven primarily by a 34.2% increase in pharmaceutical and chemical products and a 19.5% rise in clothing and jewelry [1] - Notably, imports from Russia skyrocketed by 491.9% year-on-year, while imports from South Korea increased by 245%. In contrast, overall imports from non-Eurozone countries plummeted by 21.4%, indicating a significant shift in import sources [1] Export Analysis - Total exports in September amounted to 22.8 billion Swiss francs, with a month-on-month growth rate slowing to 3.4%. The growth was mainly fueled by vehicle exports (+21.8%), clothing and jewelry (+17.3%), and paper and printing products (+11.4%) [1] - Exports to the United States saw a substantial increase of 44.8%, highlighting strong demand for Swiss high-end manufacturing and luxury goods despite tariff barriers. However, exports to several European and North American markets experienced significant declines: exports to Slovenia fell by 29.6%, to Poland by 24.1%, and to Canada by 18.1% [1]

Group 1 - The actual GDP growth rate for July to September 2025 is 4.8%, which is a slowdown from 5.2% in April to June, primarily due to weak real estate affecting domestic demand [2][4] - Fixed asset investment decreased by 0.5% in the first three quarters, indicating negative growth, while infrastructure investment grew by 1.1% [4] - The retail sales of consumer goods increased by 4.5% in the first three quarters, a decline from 5.0% in the first half of the year, with restaurant revenue growing by 3.3% [4] Group 2 - Industrial added value for large-scale industries grew by 6.2% in the first three quarters, but the growth rate slowed from 6.4% in the first half [4] - Exports (in USD) increased by 6.6% in July to September, with a trade surplus growing by 12% year-on-year, despite a decrease in exports to the US [5]

Core Insights - Brazil's total trade volume exceeded $470 billion in the first nine months of the year, indicating a significant level of international trade activity [1] Trade Performance - In September, Brazil's exports reached $30.5 billion, imports were $27.5 billion, and total trade amounted to $58.1 billion, with year-on-year growth rates of 7.2%, 17.7%, and 12% respectively [1] - For the period from January to September, Brazil's exports totaled $257.8 billion, imports $212.3 billion, and total trade $470.1 billion, reflecting year-on-year growth of 1.1%, 8.2%, and 4.2% respectively [1] - The trade surplus for September was $3 billion, which represents a decline of 41.2%, while the surplus for the first nine months was $45.5 billion, down 22.5% [1]

Export Growth - In September 2025, China's export value (in USD) increased by 8.3% year-on-year, marking the highest growth rate since April 2025[4] - Exports to major economies outside the US showed significant recovery, with double-digit growth recorded for most regions[4] - Key export categories with notable growth included machinery and high-tech products, with year-to-date growth rates of 9.6% and 8.0% respectively[4] Import Dynamics - September 2025 saw a 7.4% year-on-year increase in imports, the highest since May 2024, indicating a recovery in domestic demand[5] - Major contributors to import growth included Hong Kong (304.2%), Brazil (24.1%), and Japan (20.9%) among others[5] - High-tech and machinery imports also grew significantly, with increases of 10.3% and 5.8% respectively[5] Trade Balance and Market Resilience - The trade surplus in September 2025 was 645.47 billion RMB and 90.45 billion USD, reflecting a stable trade environment[7] - The report highlights that the ongoing US-China trade tensions have led to a decline in bilateral trade, while trade with other regions has diversified, enhancing resilience[6] - The overall trade data suggests a strengthening of China's position in the global market amidst geopolitical challenges[6]