asia and eastern europe 2016 quarterly report q2...q3 2014 q4 2015 q1 2015 q2 2015 q3 2015 q4 2016...
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Quarterly Report
Asia and Eastern Europe 2016
Q2
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
COMBI WORKS • MECHELININKATU 6 • FIN-00100 • HELSINKI, FINLAND • +358 10 219 3080 • www.combiworks.com
FINLAND
SWEDEN
BALTIC
INDIA
CHINA
Combi Works – The Company
Combi Works is the first global Virtual factory. We have built the only factory without capacity or production method
limitations. Without needing to invest in factory walls or machinery.
Combi Works has production facilities in China, India, Russia, Belorussia, Estonia, Poland, Turkey and Lithuania. Each
production country has its strengths and know-how areas which are used to our clients benefit.
We are a factory with agile capacity – as our client you can select the location and production method.
The mindset
Staying ahead in the world is a mindset – the client must be put in the driver’s seat. Our job is too free client resources and
management to concentrate on the future. Physical infra and cost reduction are cornerstones, but they look into the past.
We free your resources so you can stay ahead of your competition.
Combi Works has built its system around free movement of production, tight control and documentation of production,
an automated logistics chain and an engineering setup, which enables the Virtual Factory concept.
The company’s vision is to “be the first global virtual factory combining component production and final assembly and be
a world leader in IT-advanced industrial production.”
Combi Works already produces full-scale tractors, solar panels, LED streetlights, indoor gardens, windmill parts,
production lines, boat mooring equipment to name but a few.
We hope to be producing your machines, components or products very soon.
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
COMBI WORKS • MECHELININKATU 6 • FIN-00100 • HELSINKI, FINLAND • +358 10 219 3080 • www.combiworks.com
FINLAND
SWEDEN
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Global Raw Material and Labor costs
Actual cost development in markets Combi Works is active in.
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Raw materials (USD/Ton) IN-India
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Raw materials (USD/Ton) CH-China
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
COMBI WORKS • MECHELININKATU 6 • FIN-00100 • HELSINKI, FINLAND • +358 10 219 3080 • www.combiworks.com
FINLAND
SWEDEN
BALTIC
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CHINA
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Labor cost masters (USD/Hour)
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Labor cost factory floor (USD/Hour)
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
COMBI WORKS • MECHELININKATU 6 • FIN-00100 • HELSINKI, FINLAND • +358 10 219 3080 • www.combiworks.com
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Market development – China
Securities regulator cracks down on cross-industry investments in virtual industries
The China Securities Regulatory Commission (CSRC) has banned listed companies from cross-investing in or
acquiring companies in four industries: internet finance, gaming, movie and television, and virtual reality with
money raised via additional stock issuing or other ways, the online financial magazine Caixin reported on
Wednesday citing a source familiar with the matter.
China criticizes EU anti-dumping move on steel bars
The European Commission's latest decision to raise anti-dumping duties on Chinese steel bars"provided
unjustifiable protection for the EU steel industry, "China's Ministry of Commerce(MOC)said Friday.
China's securities watchdog, Russian central bank sign MOU
China Securities Regulatory Commission(CSRC), the securities watchdog, signed a memorandum of
understanding(MOU)with the Russian central bank on Monday.
Property tax requires cautious approach
Media reports quote the government as saying that levying property tax is now part of its agenda, sparking public
concern. The problem is, if property tax is levied without full preparation, it will not achieve the expected goal of
increasing revenue. Instead, it could undermine the government's credibility and seriously impede the
modernization process of national governance.
Fujian achieves breakthrough in LED technology
Fujian province has seen the technological breakthrough of LED technologies for transparent fluorescent ceramic
material that allows dense LED lights to concentrate on a small surface.
Shanghai pharma firm to buy 60% Vitaco stake
Shanghai Pharmaceuticals Holding Co Ltd agreed to take a 60 percent stake in Australian vitamins maker Vitaco
Holdings Ltd for around 938 million yuan ($141 million)
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
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Shanghai company eyes $3b NYC condo project
The US unit of Shanghai Municipal Investment, the largest State-owned enterprise in Shanghai, is reportedly taking
part in a multi-billion-dollar condominium project in New York City.
China becomes second-largest investor in foreign property
Chinese investors pumped $17 billion into overseas property investment during the first five months, becoming the
world's second-largest source of outbound property investment.
Short Analysis of Chinese Economy 2016 Q2
China disclosed its mid-year economic health check, featuring indicators that the economy is generally in good
shape and on track for stable economic growth and restructuring.
China's GDP in the second quarter (Q2) was a stable 6.7 percent. Although this is the lowest quarterly rate since the
global financial crisis, it is within the government's range for 2016 of between 6.5 and 7 percent.
Infrastructure investment accelerated, lifting equipment manufacturing and boosting industrial production. Retail
sales growth quickened on the back of a rebound in demand for consumer items. The economy is heading into the
second half (H2) of this year with positive momentum.
The stabilization in growth did not come at the cost of reviving industries bogged down by over capacity, which had
been a concern. Despite a pickup in steel output in June, investment growth has continued to slow. Steel
investment also fell 4.3 percent in June, down from an increase of 4.5 percent in May. Housing inventory
adjustment is in progress, with floor space for sale in June down 21 million square meters from March.
Meanwhile, the new economy is vibrant, new businesses are booming, and new growth momentum is
accumulating. The service industry accounted for over 50 percent of GDP while high-tech production in the
industrial sector grew 10.2 year on year. In addition, consumption contributed over 70 percent to overall GDP
growth in the first six months.
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
COMBI WORKS • MECHELININKATU 6 • FIN-00100 • HELSINKI, FINLAND • +358 10 219 3080 • www.combiworks.com
FINLAND
SWEDEN
BALTIC
INDIA
CHINA
6,2 %
6,4 %
6,6 %
6,8 %
7,0 %
7,2 %
7,4 %
7,6 %
2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2
China - GDP change rate
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
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CHINA
Market development - India
The overall growth of GDP
The Indian economy expanded 7.3 percent year-on-year in the last three months of 2015, slowing from an upwardly revised 7.7 percent growth in the previous quarter but in line with market expectations. The manufacturing sector surged 12.6 percent while farm output shrank 1 percent. GDP Annual Growth Rate in India averaged 6.04 percent from 1951 until 2015, reaching an all time high of 11.40 percent in the first quarter of 2010 and a record low of -5.20 percent in the fourth quarter of 1979.
Food Inflation
Cost of food in India increased 6.85 percent in January of 2016 over the same month in the previous year. Food Inflation in India averaged 8.72 percent from 2012 until 2016, reaching an all time high of 14.72 percent in November of 2013 and a record low of 2.15 percent in July of 2015.
Industrial Production Percentage(IIP)
Industrial production in India declined 1.3 percent year-on-year in December of 2015, following an upwardly revised 3.4 percent contraction in the previous month. Manufacturing went down 2.4 percent, offsetting a 3.2 percent rise in electricity and a 2.9 percent gain in mining. Considering the three months to December, industrial output went up 3.1 percent. Industrial Production in India averaged 6.43 percent from 1994 until 2015, reaching an all time high of 20 percent in November of 2006 and a record low of -7.20 percent in February of 2009.
Government Spending
Government Spending in India decreased to 2740.71 INR Billion in the fourth quarter of 2015 from 3365.78 INR Billion in the third quarter of 2015. Government Spending in India averaged 1749.64 INR Billion from 2004 until 2015, reaching an all time high of 3365.78 INR Billion in the third quarter of 2015 and a record low of 735.82 INR Billion in the second quarter of 2004.
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
COMBI WORKS • MECHELININKATU 6 • FIN-00100 • HELSINKI, FINLAND • +358 10 219 3080 • www.combiworks.com
FINLAND
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CHINA
Balance of trade
India recorded a USD 11,664 million trade deficit in December of 2015, higher than a USD9,434 million gap a year earlier. It is the largest trade deficit since August, as exports fell 15 percent and imports declined only 3.9 percent as purchases of gold significantly rose. Balance of Trade in India averaged -2091.30 USD Million from 1957 until 2015, reaching an all time high of 258.90 USD Million in March of 1977 and a record low of -20210.90 USD Million in October of 2012.
Exports from India
Exports from India fell 14.75 percent to USD 22,300 million in December of 2015. It is the 13th straight month of decline, as non-petroleum exports declined by 7.86 percent to USD 19,93 million. Exports in India averaged 4473.03 USD Million from 1957 until 2015, reaching an all time high of 30541.44 USD Million in March of 2013 and a record low of 59.01 USD Million in June of 1958.
Foreign Exchange Reserves
Foreign Exchange Reserves in India increased to 351480 USD Million in February 5 from 349150 USD Million in the previous week. Foreign Exchange Reserves in India averaged 191454.22 USD Million from 1998 until 2016, reaching an all time high of 383643 USD Million in December of 2009 and a record low of 29048 USD Million in September of 1998.
Consumer Price Index
Consumer Price Index CPI in India increased to 126.30 Index Points in January from 126.10 Index Points in December of 2015. Consumer Price Index CPI in India averaged 108.30 Index Points from 2011 until 2016, reaching an all time high of 126.60 Index Points in November of 2015 and a record low of 86.81 Index Points in February of 2011.
Business Confidence
Business Confidence in India increased to 53.90 in the fourth quarter of 2015 from 53.40 in the third quarter of 2015. Business Confidence in India averaged 58.09 from 2005 until 2015, reaching an all time high of 71.80 in the first quarter of 2007 and a record low of 45.70 in the third quarter of 2013.
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
COMBI WORKS • MECHELININKATU 6 • FIN-00100 • HELSINKI, FINLAND • +358 10 219 3080 • www.combiworks.com
FINLAND
SWEDEN
BALTIC
INDIA
CHINA
0,0 %
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2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2
India - GDP change rate
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
COMBI WORKS • MECHELININKATU 6 • FIN-00100 • HELSINKI, FINLAND • +358 10 219 3080 • www.combiworks.com
FINLAND
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INDIA
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Market development – Estonia
Estonia Balance of trade
Estonia trade deficit decreased by 19 percent to 160.5 EUR million in December of 2015, compared to 198.2 EUR million gap a year before. Imports fell 3.5 percent, driven by intermediate goods purchases (-17.5 percent). Exports edged down 0.1 percent, as sales of intermediate goods (-0.5 percent); capital goods (-14 percent) declined while consumer goods (+10.5 percent) increased. Considering full 2015, trade deficit shrank 14.7 percent to 1.4 EUR billion, as exports decreased by 4 percent to 11.6 EUR billion and imports fell by 5 percent to 13.1 EUR billion. The decline was influenced the most by trade in mineral products and electrical equipment. The biggest trade surplus was recorded in trade with Sweden, Norway and the USA and the biggest trade deficit occurred in trade with Germany, Poland and Lithuania.
Estonia Business Confidence
Business Confidence in Estonia increased to 101.30 in January from 100 in December of 2015. Business Confidence in Estonia averaged 102.90 from 2001 until 2016, reaching an all time high of 117.40 in September of 2006 and a record low of 69.60 in March of 2009.
Estonia Current Account
Estonia recorded a Current Account surplus of 158.80 EUR Million in the third quarter of 2015. Current Account in Estonia averaged -124.42 EUR Million from 1992 until 2015, reaching an all time high of 244.10 EUR Million in the second quarter of 2015 and a record low of -751.70 EUR Million in the first quarter of 2007.
Estonia Inflation Rate
The inflation rate in Estonia was recorded at -0.60 percent in January of 2016. Inflation Rate in Estonia averaged 3.55 percent from 1999 until 2016, reaching an all time high of 11.44 percent in June of 2008 and a record low of -2.17 percent in October of 2009.
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
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Short Analysis of Estonian Economy Q4
The Gross Domestic Product (GDP) in Estonia expanded 0.70 percent in the fourth quarter of 2015 over the same quarter of the previous year, the same pace as in previous three months, preliminary data showed. Expansion was positively influenced by net taxes on products. The receipts of value added tax and payments of subsidies increased. In contrast, foreign demand decreased. the Estonian foreign trade was influenced the most by the decrease in the exports and imports of mineral products (incl. motor spirit, fuel oils, gas) and electrical equipment. On a quarter-on-quarter basis, the economy grew by 1.2 percent. GDP Annual Growth Rate in Estonia averaged 4.28 percent from 1996 until 2015, reaching an all time high of 13.20 percent in the fourth quarter of 1997 and a record low of -19.30 percent in the third quarter of 2009. Consumer Spending in Estonia decreased to 2297.60 EUR Million in the third quarter of 2015 from 2362.20 EUR Million in the second quarter of 2015. Consumer Spending in Estonia averaged 1749.61 EUR Million from 1995 until 2015, reaching an all time high of 2538.80 EUR Million in the fourth quarter of 2007 and a record low of 865.60 EUR Million in the third quarter of 1995.
Foreign Direct Investment in Estonia increased by 398.20 EUR Million in the third quarter of 2015. Foreign Direct Investment in Estonia averaged 183.79 EUR Million from 1994 until 2015, reaching an all time high of 1057.90 EUR Million in the second quarter of 2005 and a record low of -400.80 EUR Million in the second quarter of 2015
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
COMBI WORKS • MECHELININKATU 6 • FIN-00100 • HELSINKI, FINLAND • +358 10 219 3080 • www.combiworks.com
FINLAND
SWEDEN
BALTIC
INDIA
CHINA
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Estonia - GDP change rate
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
COMBI WORKS • MECHELININKATU 6 • FIN-00100 • HELSINKI, FINLAND • +358 10 219 3080 • www.combiworks.com
FINLAND
SWEDEN
BALTIC
INDIA
CHINA
Market development – Latvia Latvia's Current Account
Latvia recorded a Current Account surplus of 27.08 EUR Million in December of 2015. Current Account in Latvia averaged -88.87 EUR Million from 2000 until 2015, reaching an all time high of 348.10 EUR Million in June of 2009 and a record low of -546.30 EUR Million in July of 2007.
Industrial production output
Industrial Production in Latvia increased 2.60 percent in December of 2015 over the same month in the previous year. Industrial Production in Latvia averaged 3.94 percent from 2001 until 2015, reaching an all time high of 23.30 percent in October of 2010 and a record low of -26.10 percent in March of 2009.
Latvia Balance of trade
The trade gap in Latvia increased to EUR 155.5 million in December of 2015 compared to a EUR 124.7 million shortfall in the previous month as exports declined at a faster pace than imports. Exports fell 12.6 percent to EUR 817 million: Shipments of electrical machinery and equipment dropped the most (-35 percent) followed by articles of iron or steel (-22.1 percent), cereals (-20.4 percent) and mineral fuels, mineral oils and products of their distillation (-17 percent) and beverages, spirits and vinegar (-13.1 percent). Imports decreased by 8.3 percent to EUR 972.5 million: purchases of electrical machinery and equipment reduced the most (-19.9 percent), followed by beverages, spirits and vinegar (-16.9 percent), plastics and articles thereof (-14.5 percent) and pharmaceutical products (-13.6 percent). Considering full 2015, exports rose 1.2 percent while imports decreased 1.3 percent. Balance of Trade in Latvia averaged -162.66 EUR Million from 1993 until 2015, reaching an all time high of 40.10 EUR Million in February of 1993 and a record low of -557.10 EUR Million in July of 2007.
Latvia Exports
Exports in Latvia decreased to 817 EUR Million in December from 992.80 EUR Million in November of 2015. Shipments of electrical machinery and equipment dropped the most (-35 percent) followed by articles of iron or steel (-22.1 percent), cereals (-20.4 percent) and mineral fuels, mineral oils and products of their distillation (-17 percent) and beverages, spirits and vinegar (-13.1 percent). In
Q2
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contrast, sales of optical instruments and apparatus (including medical) grew 46.3 percent. Exports in Latvia averaged 364.44 EUR Million from 1993 until 2015, reaching an all time high of 1061.70 EUR Million in October of 2014 and a record low of 53.10 EUR Million in January of 1994.
Industrial production
Industrial Production in Latvia increased 2.60 percent in December of 2015 over the same month in the previous year. Industrial Production in Latvia averaged 3.94 percent from 2001 until 2015, reaching an all time high of 23.30 percent in October of 2010 and a record low of -26.10 percent in March of 2009.
Consumer Price Index CPI in Latvia decreased to 98.80 Index Points in January from 106.90 Index Points in December of 2015. Consumer Price Index CPI in Latvia averaged 73.85 Index Points from 1993 until 2016, reaching an all time high of 109 Index Points in May of 2015 and a record low of 22.60 Index Points in January of 1993.
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
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Short Analysis of Latvian Economy Q4
The Gross Domestic Product (GDP) in Latvia was worth 31.29 billion US dollars in 2014. The GDP value of Latvia represents 0.05 percent of the world economy. GDP in Latvia averaged 14.79 USD Billion from 1987 until 2014, reaching an all time high of 33.54 USD Billion in 2008
and a record low of 4.50 USD Billion in 1993. The Gross Domestic Product (GDP) in Latvia expanded 3 percent in the fourth quarter of 2015 over the same quarter of the previous year, slowing from a 3.3 percent growth in the previous quarter, preliminary estimates showed. GDP Annual Growth Rate in Latvia averaged 4.38 percent from 1996 until 2015, reaching an all time high of 13.90 percent in the first quarter of 1996 and a record low of -19.10 percent in the third quarter of 2009. Consumer Spending in Latvia increased to 3603624 EUR THO in the third quarter of 2015 from 3485621 EUR THO in the second quarter of 2015. Consumer Spending in Latvia averaged 2562120.90 EUR THO from 1995 until 2015, reaching an all time high of 3919066 EUR THO in the fourth quarter of 2006 and a record low of 1280693 EUR THO in the first quarter of 1995.
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2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2
Latvia - GDP change rate
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
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Market development – Lithuania
Lithuania's Consumer Confidence
Consumer Confidence in Lithuania increased to -6 in January from -7 in December of 2015. Consumer Confidence in Lithuania averaged -15.62 from 2001 until 2016, reaching an all time high of 9 in March of 2007 and a record low of -56 in January of 2009.
Exports from Lithuania
Exports in Lithuania decreased to 1882.30 EUR Million in December from 2055 EUR Million in November of 2015. Exports in Lithuania averaged 914.77 EUR Million from 1994 until 2015, reaching an all time high of 2373.30 EUR Million in October of 2014 and a record low of 135.50 EUR Million in October of 1994.
Labour costs in Lithuania
Labour Costs in Lithuania increased to 117 Index Points in the third quarter of 2015 from 114.70 Index Points in the second quarter of 2015. Labour Costs in Lithuania averaged 78.30 Index Points from 2000 until 2015, reaching an all time high of 117 Index Points in the third quarter of 2015 and a record low of 45 Index Points in the second quarter of 2001.
Lithuania Completed Dwellings
Housing Index in Lithuania increased to 121.22 Index points in the third quarter of 2015 from 119.35 Index points in the second quarter of 2015. Housing Index in Lithuania averaged 116.89 Index points from 2006 until 2015, reaching an all time high of 159.72 Index points in the second quarter of 2008 and a record low of 98.28 Index points in the first quarter of 2010.
Retails Sales in Lithuania
Retail Sales in Lithuania increased 19.20 percent in December of 2015 over the previous month. Retail Sales MoM in Lithuania averaged 0.48 percent from 1998 until 2015, reaching an all time high of 20.70 percent in December of 2014 and a record low of -24.70 percent in January of 2015. .
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
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Short Analysis of Lithuania Economy Q4
Industrial Production in Lithuania increased 4.80 percent in December of 2015 over the same month in the previous year. Industrial Production in Lithuania averaged 3.78 percent from 1999 until 2015, reaching an all time high of 40.50 percent in February of 2003 and a record low of -26.30 percent in April of 2009. Manufacturing Production in Lithuania increased 4.80 percent in December of 2015 over the same month in the previous year. Manufacturing Production in Lithuania averaged 4.53 percent from 1999 until 2015, reaching an all time high of 38 percent in February of 2003 and a record low of -33.70 percent in November of 1999. Foreign Exchange Reserves in Lithuania decreased to 892.20 USD Million in January from 1558.70 USD Million in December of 2015. Foreign Exchange Reserves in Lithuania averaged 3603.48 USD Million from 1992 until 2016, reaching an all time high of 8958.10 USD Million in February of 2013 and a record low of 107.20 USD Million in December of 1992.
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2013Q4
2014Q1
2014Q2
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2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
Lithuania - GDP change rate
Q2
QUARTERLY REPORT ASIA AND EASTERN EUROPE
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Report Sources:
China
• China Daily
India
• Ministry of Finance, Govt. of India
Estonia
• Statistics Estonia and Focus Economics Consensus Forecast.
Latvia
• Central Statistics Bureau and FocusEconomics calculations.
Lithuania
• “Macro Research - Swedbank Economic Outlook”. Reviewed 16 October 2013.
• “Central Statistics Bureau and FocusEconomics calculations” . Reviewed 16 October 2013.
• “New Market Research Report: Lithuania Business Forecast Report Q3 2013”. Reviewed16 October 2013.