Asia

9.11 million foreign tourists visit South Korea during January and July 2024, up 66.8 percent

This figure represents 97 percent of the tourist levels recorded in July 2019, prior to the COVID-19 pandemic

China’s industrial companies achieve $575.1 billion in profits in first seven months

The country’s major firms reported 4.1 percent profit increase in July alone

OECD forecasts Malaysia’s GDP growth at 4.9 percent for 2024, 4.7 percent for 2025

This growth is driven by increased domestic demand and a recovery in electronics exports 

South Korea sets 2025 budget at $509.71 billion amid fiscal restructuring

The country allocated 29.7 trillion Won for R&D in 2025 budget

India’s bio economy to reach $300 billion by 2030 under new government policy

New policy seeks to foster the development of bio-based products with minimal carbon footprints in India

India’s central bank to launch Unified Lending Interface platform to digitalize banking services

Platform is part of RBI's efforts to digitalize banking services, which has made India one of the fastest-growing digital payments markets globally

India’s foreign exchange reserves climb to $674.66 billion

This figure is just below the previous record high of $674.919 billion

South Korea’s foreign currency deposits rise for 2nd straight month in July to 94.44 billion

U.S. dollar deposits jumped $4.57 billion dollars from a month earlier to $78.04 billion by the end of July

Japan’s manufacturing activity dips for second straight month in August: PMI

In contrast, the country's service sector expanded at a solid pace for the second month in a row

India aims for 17 million zero-emission trucks by 2050

The country is accelerating truck electrification with 30 new policy interventions

Vietnam ports’ cargo volume soars 16 percent to 501.117 million tons, TEUs reach 16.902 million in first seven months

Despite the surge in cargo volume, sea freight rates have been declining across all routes since the end of July

Pakistan’s IT exports surge 32 percent to $297 million in July on software and telecommunications

Software consultancy services saw a significant surge, increasing by 24.53 percent to reach $77.262 million

South Korea’s mid-sized businesses hit $2.52 billion in Q2 profits on semiconductors and auto parts

The operating profits of automobile and auto parts businesses increased 18.9 percent during the same period

Only 20 percent of Japanese companies use GenAI due to expertise, accuracy concerns: Survey

The primary concern cited by 54.1 percent of respondents was a lack of skilled staff and operational expertise

India successfully launches Earth Observation Satellite-8

The satellite, designed for a one-year mission duration, carries a range of advanced technologies

South Korea’s ICT exports surge 32.8 percent to $19.4 billion on AI and mobile phones

Semiconductor exports skyrocketed by 49.0 percent to $11.23 billion

China’s home prices hit new nine-year low in July

Property investment fell 10.2 percent annually in the January-July period, compared with a 10.1 percent drop in the first half of the year

Japan’s economy expands 3.1 percent in Q2 2024, raising rate hike bets

Japan's private consumption, which accounts for over half of the economic output, rose 1 percent in Q2

South Korea’s automotive exports down 9.1 percent, still hit $5.4 billion in July 2024

Hybrid vehicle sales surged by 56.6 percent year-on-year, reaching $980 million