Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 27 January 2022.

INSIGHT: Pakistan rupee plunges to record low amid economic crisis, US dollar shortage
Pakistan’s currency – the rupee – plunged to a fresh record low on Friday as its economic problems pile up amid a severe lack of US dollars to pay for imports, underscoring an immediate need for bailout funds from the International Monetary Fund (IMF).

South Korea Q4 GDP growth slows to 1.4% on year, contracts 0.4% on quarter
South Korea’s economy posted a slower annualized fourth-quarter 2022 growth of 1.4%, bringing its full-year pace of expansion to 2.6%, based on the government’s advance estimates released on Thursday.

Philippines Q4 GDP expands 7.2%; full-year ’22 growth at 7.6%
The Philippine economy expanded at an annualized rate of 7.2% in the fourth quarter of last year, allowing it to log one of the fastest 2022 GDP growths in Asia, beating expectations.

Asia naphtha market sentiment mixed; eyes on China’s recovery
Asia naphtha markets are being kept afloat by hopes of recovering China petrochemical demand, although diminishing downstream margins are keeping demand cautious.

Asia MTBE balance might shift China potential outflow
Asia’s methyl tertiary butyl ether (MTBE) market is expected to stay amply supplied with a potential opening of China export arbitrage.

Asia petrochemicals pin hopes on China’s post-holiday demand
Asia’s petrochemical players are largely betting on strong revival of China’s demand following lifting of most COVID-19 curbs, having built up stocks in the weeks leading to the Lunar New Year holiday.

INSIGHT: China polyester industry rebound expected after holiday
Since China has lifted COVID-19 restriction policies, most market participants expect a demand recovery after the Lunar New Year holiday.