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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

The International Monetary Fund raised its economic forecast for India this year amid a modest improvement in the global growth outlook. According to the IMF's World Economic Outlook update for July, India remains the world's fastest growing big economy with a 6.1% expansion this year. China will be the second-fastest growing major economy at 5.2% this year, but its rebound from the COVID-19 pandemic is losing momentum. Emerging and developing economies, especially those in Asia, will be drivers for global growth this year as advanced economies slow, the IMF report showed. The so-called ASEAN-5 -- Indonesia, Malaysia, the Philippines, Singapore and Thailand -- are projected to grow 4.6%.   Source : https://asia.nikkei.com/Economy/IMF-upgrades-India-economic-outlook-while-China-s-recovery-loses-steam

China’s factory activity swung to contraction in July, with supply, demand and export orders all deteriorating as firms blamed sluggish market conditions at home and abroad. The Caixin/S&P Global manufacturing purchasing managers’ index, or PMI, fell to 49.2 in July from 50.5 in June, missing analysts’ forecasts of 50.3 and marking the first decline in activity since April. The 50-point index mark separates growth from contraction. The Caixin survey showed manufacturing output shrank for the first time in six months while new orders saw the quickest reduction since December. New orders remained unchanged at makers of investment goods, but fell at producers of consumer and intermediate goods.   Source : https://www.cnbc.com/2023/08/01/chinas-july-factory-activity-swings-back-to-contraction-caixin-pmi.html

PT Toyota Motor Manufacturing Indonesia (TMMIN) exported 139,581 units of completely built up vehicles. From January to June, Toyota's exports rose 2.6 percent year-on-year to 136,045 units. The first half's export volume accounted for 56.2 percent of the total CBU exports in Gaikindo's data. This figure includes Toyota's hybrid vehicles, the Kijang Innova Zenix and Yaris Cross, which recorded a total production volume of than 30,500 units for domestic and international markets. Since 1987, Toyota has shipped 2.5 million vehicles to more than 100 countries. TMMIN's factories assembling capacity is 250,000 per unit, the vehicles exported to major markets such as the Middle East, Africa, South Asia, Southeast Asia, East Asia, Latin America, Oceania and Australia.   Source : https://en.tempo.co/read/1754487/toyota-indonesia-exports-up-in-first-half

The S&P Global Indonesia Manufacturing PMI increased to 53.3 in July 2023. This was the 23rd straight month of growth in factory activity, with the latest being the fastest recorded since last September, as output grew at the fastest rate in ten months, boosted by stronger inflows of new orders over the month, with export sales returning to growth. However, the business confidence is below the nine-month average. Confidence in the business world is slightly lower even though companies see improvement from the demand side. The sloping confidence shows that there are still concerns overshadowing the outlook for the future.   Source : https://www.cnbcindonesia.com/news/20230801082526-4-458985/pmi-manufaktur-ri-tertinggi-10-bulan-pengusaha-malah-was-was

Signs of deflationary pressure in China are growing, as companies warn that weak demand is pushing down prices of key industrial products from petrochemicals and steel to paper and cement. Listed companies, especially in industrial sectors, have issued profit warnings for the first half of the year, raising questions about the government's optimistic depiction of the economy. One of the biggest red flags involves demand for steel, a key component in a wide range of sectors, such as automaking and construction. Demand for basic commodities such as paper has been lackluster in China as the economy struggles to recover from the pandemic and an uncertain economic outlook.   In a worrying sign for the crucial construction and housing sector, cement makers also reported soft demand and plunging prices. China National Building Material, a key listed unit of construction material conglomerate China National Building Material Group (CNBM), expects its first-half net profit to drop 80% on the year.   Source : https://asia.nikkei.com/Business/Business-Spotlight/China-Inc-s-profit-warnings-reveal-deflationary-pressures

Indonesia has the potential to become one of the world's largest solar panel suppliers by utilizing its reserves of quartz sand or silica sand. Indonesia have one of the largest reserves of quartz sand in the world. It is the main raw material to produce glass and solar panels, which are needed in the green industry. Chinese glass giant Xinyi Group seeks to make an $11 billion investment in the quartz sand downstream industry that lies in Rempang eco-city in Batam, Riau islands. Xinyi Group is planning to build the second-largest glass factory in the world in Indonesia, second only to its main facility in China.   Source : https://en.antaranews.com/news/289140/indonesia-poised-to-become-a-major-solar-panel-supplier-minister