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Singapore, New Zealand ink supply chain resilience pact
Singapore, New Zealand ink supply chain resilience pact
Sydney, 5 May (Argus) — Singapore and New Zealand have signed an Agreement on Trade in Essential Supplies (AOTES), committing both countries not to impose export restrictions on covered goods for the other during a crisis, in a move described by the governments as a world first. The agreement, signed on 4 May, is intended to strengthen fuel security for New Zealand and food security for Singapore. It will be incorporated into the existing New Zealand–Singapore Free Trade Agreement, subject to domestic approval processes in both countries. Around one-third of New Zealand's refined fuel supply is sourced from Singapore, giving the pact particular relevance for fuel markets. While largely procedural, AOTES may provide additional confidence to market participants by translating political assurances into a legally binding framework. "With a third of New Zealand's fuel refined in Singapore, this agreement turns trust into action, helping keep fuel flowing to New Zealand when it matters most," New Zealand prime minister Christopher Luxon said. The agreement follows a mid-April move by Australia and Singapore to fast track a legally binding framework aimed at safeguarding the flow of energy and other essential supplies between the two countries. That arrangement reaffirmed mutual commitments to energy security but stopped short of guaranteeing supply or priority access during severe shortages, highlighting the limits of bilateral assurances in globally traded markets and the much larger trade volumes between the countries compared with that of Singapore and New Zealand. By Tom Woodlock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico’s economy stagnates in 1Q
Mexico’s economy stagnates in 1Q
Mexico City, 30 April (Argus) — Mexico's economy expanded a minimal 0.1pc in the first quarter of 2026, as solid expansion in the services sector was offset by contraction in the industrial and agriculture sectors. Annual growth in gross domestic product (GDP) in the first quarter was well below the upwardly revised 1.8pc growth recorded for the fourth quarter,statistics agency Inegi reported. It followed 0.1pc contractions in the second and third quarters of 2025, the first quarterly contractions since the first quarter of 2021. Industrial sector output, which includes manufacturing, construction and mining, contracted 1.3pc after posting 0.4pc expansion in the fourth quarter of 2025. The services sector expanded 0.7pc, after marking 2.2pc growth in the previous quarter. The primary sector, which includes agriculture, fishing, mining and hydrocarbon extraction, contracted 0.1pc in the first quarter, following revised 7.2pc growth in the fourth quarter of 2025. The annualized first-quarter result was below the 0.3pc growth estimated by Mexican banks Banamex and Banorte. Banorte is forecasting the economy will accelerate in the second quarter, on World Cup matches scheduled in Mexico for June and July and a resumption of federal spending on key infrastructure projects. The bank will also closely track trade talks in the runup to the USMCA free trade agreement renewal set for July with a positive outcome seen as likely, but the bank's views reflect comments from economy minister Marcelo Ebrard and US trade representative Jamieson Greer last week that zero tariffs are unlikely to remain part of the treaty. "We believe negotiations will conclude with some technical adjustments within a 12–18 month timeframe," said Banorte. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US economy grows by 2pc in first quarter
US economy grows by 2pc in first quarter
Houston, 30 April (Argus) — The US economy grew at an annual rate of 2pc in the first quarter, led by government spending and investments in the artificial intelligence (AI) buildup. Growth in gross domestic product (GDP), in the first of three estimates, followed seasonally adjusted annual growth of 0.5pc in the fourth quarter of 2025, during the 43-day federal government shutdown, the Bureau of Economic Analysis (BEA) reported Thursday. GDP growth averaged 2pc in 2025. Economists surveyed by Trading Economics had forecast 2.3pc growth for the first quarter. "The big picture is that growth already was sluggish ahead of the energy shock, with the economy's underlying momentum anemic outside the continued surge in AI-related capex," Pantheon Macroeconomics said in a note. Growth in the first quarter reflected upturns in government spending, exports and investment that were partly offset by a deceleration in consumer spending. Consumer spending rose by 1.6pc in the first quarter following growth of 1.9pc in the fourth quarter. Spending on private investment rose by 8.7pc following 2.3pc growth in the fourth quarter. Spending on equipment rose by 17.2pc and spending on intellectual property products rose by 13pc, both parts of the AI buildout. Residential investment spending fell by 8pc, reflecting the ongoing slump in housing construction. "Recent indicators suggest that economic activity has been expanding at a solid pace," Federal Reserve chairman Jerome Powell said Wednesday in his last press conference as head of the central bank. In the near term, higher energy prices due to the war in the Middle East will push up overall inflation, he said. "Beyond that, the scope and duration of potential effects on the economy remain unclear," Powell said. Net exports weighed on GDP growth, with exports rising by 12.9pc, while imports, which subtract from growth, rose by 21.4pc. Federal government spending rose by 9.3pc in the first quarter after falling by 16.6pc in the fourth quarter on the government shutdown. Defense spending grew by 20.3pc in the first quarter after falling by 24pc in the fourth quarter. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Philippines' agriculture sector braces for El Nino
Philippines' agriculture sector braces for El Nino
Singapore, 30 April (Argus) — Philippines' Department of Agriculture (DA) is rolling out a preparedness plan to mitigate agricultural disruptions in the latter parts of 2026, when moderate-to-strong El Nino conditions are likely, the DA said in a 29 April press release. El Nino will bring warmer and drier weather to the country, reducing rainfall and in some cases causing drought that could undermine agricultural output. Drier conditions could curb fertilizer demand in the Philippines, one importer told Argus . Fertilizer application and offtake largely depend on rain, but reduced rainfall from El Nino may limit demand. The Philippines last faced a strong El Nino event in 2024, when drought cut rice output and supported the country's rice imports. It imported 4.8mn t of rice that year, which is the highest in at least the last decade and up by 32pc from 2023, according to Global Trade Tracker (GTT) data. Assessing current irrigation systems and identifying the most vulnerable areas would be an integral part of the DA's preparedness plan. It is also looking to ensure that sufficient drought-tolerant seed varieties and fertilizers are available to farmers, and provide irrigation support when needed, along with economic aid to farmers in terms of crop insurance, credit access and market facilitation. By Hui Xuan Lek Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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