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Growth Slows to Lowest Pace Since Q3 2024

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Source: AP

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Source: Bloomberg

China imported no soybeans from the U.S. in September, the first time since November 2018 that shipments fell to zero, while South American shipments surged from a year earlier, as buyers shunned American cargoes during the ongoing trade dispute between the world's two largest economies.Imports last month from the U.S. fell to zero from 1.7 million metric tons a year earlier, data from China's General Administration of Customs showed on Monday.Shipments fell because of the high tariffs China has imposed on U.S. imports and as previously harvested U.S. supplies, known as old-crop beans, have already been traded. China is the world's biggest soybean importer.

"This is mainly due to tariffs. In a typical year, some old-crop beans would still enter the market," said Wan Chengzhi, an analyst at Capital Jingdu Futures.Brazil arrivals last month jumped 29.9% year-on-year to 10.96 million tons, accounting for 85.2% of China's total imports of the oilseed, customs data showed, while shipments from Argentina rose 91.5% to 1.17 million tons, or 9% of the total.China's soybean imports reached 12.87 million metric tons in September, the second-highest level on record.

China has not purchased any U.S. soybean cargoes from this autumn's harvest. The window for U.S. soybean purchases is rapidly closing as buyers secure shipments through November, largely from Brazil and Argentina, helped by Argentina's brief tax holiday.Without a breakthrough in trade talks, U.S. farmers could face billions in losses as Chinese crushers continue sourcing from South America. Beijing, however, may also face a potential supply crunch early next year before Brazil's new crops hit the market."A soybean supply gap may emerge in China between February and April next year if there's no trade deal in place. Brazil has already shipped a huge volume, and no one knows how much old-crop stock remains," said Johnny Xiang, founder of Beijing-based AgRadar Consulting.

Trade negotiations between Beijing and Washington appear to be regaining momentum after weeks of fresh tariff threats and export controls. U.S. President Donald Trump said on Sunday he believed a soybean deal would be reached.For the January-September period, China imported 63.7 million tons from Brazil, up 2.4% year-on-year, and 2.9 million tons from Argentina, up 31.8% year-on-year.Even as Chinese buyers are shunning this year's U.S. harvest, purchases earlier in 2025 mean that year-to-date imports of American beans have totalled 16.8 million tons, up 15.5%, data showed.

Source: Yahoo Finance

Masan Group is in talks with Costco Wholesale Corp. to sell its branded noodles, fish sauce and coffee in the retailer’s US stores as the Vietnamese conglomerate accelerates its global expansion.“Our leading products such as fish sauce, chili sauce, and noodles have already entered Costco’s hypermarket system in South Korea, and will soon be available in Costco in the US,” said Le Thi Nga, deputy chief executive officer of Masan Consumer, the group’s unit.

Some of its products are now being offered in a limited number of Costco stores on a trial basis, according to Masan Consumer.Representatives for Costco didn’t immediately respond to requests for comment.The Ho Chi Minh City-based company is also in discussions with Walmart Inc. to put some of its branded products on the retail giant’s shelves, Nga said.Representatives for Walmart didn’t immediately respond to requests for comment outside regular business hours.

Masan Consumer produces a range of food and beverages, including sauces, noodles, cereals, instant coffee and beer. It aims for 15% of its revenue to come from abroad “in the next few years,” up from about 5% now, Nga said.In particular, it seeks to ramp up global sales of its Chin-su seasoning products, Omachi noodles and Vinacafe instant coffee.The company says it sells goods in regions including North America, Europe, New Zealand, the UK, South Korea, Japan, and China.

Masan Consumer is making a major push to form more US partnerships, said Nga, who oversees the unit’s research and development.“Masan is pursuing a strategy to bring Vietnamese cuisine and products to the world, and we are taking our first firm steps in that direction,” she said.Masan Group is planning an initial public offering of the unit, which could raise as much as $1.5 billion.

The conglomerate reported second-quarter net income of 1.03 trillion dong ($39.1 million), up from 503 billion dong in the same year-ago period. Revenue was at 18.32 trillion dong.

Source: Bloomberg Europe

The government's fiscal policy remains committed to supporting the country's development objectives while ensuring that the well-being of the people continues to be a top priority, Treasury secretary general Datuk Johan Mahmood Merican said.He said the government is dedicated to responsible fiscal management while ensuring adequate fiscal support is provided for economic growth."The government will balance that objective with ensuring that it still provides sufficient fiscal support, but more importantly, that we have sufficient expenditure to meet the needs of the rakyat, especially development needs," he told Bernama in an exclusive interview recently.

In pursuing fiscal consolidation, Johan said the government must avoid reducing the deficit too rapidly, as it still needs to address the people’s needs outlined in Budget 2026 — particularly since it marks the first spending under the 13th Malaysia Plan.According to him, the government has made significant progress in fiscal consolidation since taking office, with the deficit reduced from 5.6% in 2022 to 5% in 2023, 4.1% in 2024, and on track to reach 3.8% this year.He said managing a responsible fiscal policy is a balancing act — to give confidence to investors while ensuring sufficient spending for the people’s development.

"For example, this year, we are spending RM66 billion on education, while allocations for Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (Sara) stand at RM15 billion, double the amount in 2022,” he said.Johan noted that the strengthening of the ringgit this year, together with Malaysia’s improved standing in the IMD World Competitiveness Ranking and higher approved investments, reflects growing investor confidence in the country.

“So it is important that we continue to instil confidence in responsible fiscal management among investors. At the end of the day, what matters most is that it translates to the rakyat, as one of the positive indicators we have seen is the declining unemployment rate,” he added.

Growth of 4% next year within reach

According to Johan, the government remains confident of reaching at least 4% growth next year. Given the potentially softer outlook, it is important that the government maintains sufficient fiscal support for the economy.Hence, the government is maintaining an expansionary fiscal stance, with Budget 2026 set at RM470 billion — a positive increase compared to RM452 billion in the previous budget."There is growth when we take into account spending by government-linked companies and government-linked investment companies.

"Even with the volatilities and uncertainties arising from the global scenario, we have seen that our economy has shown strong resilience. In the first half of 2025, we recorded growth of 4.4%."Given the global uncertainties, we want to ensure that there is enough fiscal support to sustain the economy’s growth momentum,” he said.The Department of Statistics Malaysia recently released the advanced gross domestic product estimates, projecting that Malaysia’s economy will expand by 5.2% in the third quarter of 2025.

Source: Theedgemarkets

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Source: Bloomberg