RTTNews - Monday, statistical reports from South Korea, Thailand and Indonesia indicated that inflation is cooling in Asia. At the same time, exports dropped in South Korea, Indonesia and in India.
Consumer prices in South Korea rose 2.7% year-on-year in May, slower than a 3.6% increase in April, the country's National Statistical Office said. Economists expected a rise of 2.8%. Inflation eased for the third consecutive month in May.
Elsewhere, South Korea's Customs Service said exports dropped 28.2% on-year to $28.22 billion, in line with analyst forecasts for a 28.1% decline after the 19.6% fall a month earlier.
Indonesia's annual inflation eased to 6.04% in May from 7.31% in April, Statistics Indonesia said. Meanwhile, economists had forecast a rate of 6.2%. Separately, the agency reported that the country's exports dropped 22.55% year-on-year in April.
In Thailand, consumer prices dropped 3.3% in May from the previous year, the Commerce Ministry reported. Economists were expecting prices to decline 2.2% in May after falling 0.9% in April.
India's exports for the month of April dropped 33.2% to $10.74 billion, said the Ministry of Commerce & Industry.
In other news, Japan's labor cash earnings for companies with five or more employees eased 2.5% on-year in April, the Ministry of Health, Labor and Welfare said.
Japan's domestic automobile sales dropped 19.4% year-over-year in May to178, 503 units, according to the country's Automobile Dealers' Association. Elsewhere, Japan's Mini Vehicle Association said sales of mini vehicles dropped 18.4% year-on-year to 113,540 units in May.
China's purchasing managers' index posted a score of 53.1 in May, the China Federation of Logistics and Purchasing said, easing from 53.5 in April.
Business receipts of the services sector in Singapore dropped 3.3% sequentially in the first quarter, after a 1.3% fall in the fourth quarter, the Department of Statistics said.
Hong Kong's Census and Statistics Department said retail sales value dropped 4.4% year-over-year in April, compared with a revised 7.7% fall in the previous month. Economists were looking for a decline of 6.5%.
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