South Koreans vote for president after months of turmoil
Boosting the economy and ending political turmoil were key topics for voters in South Korea's capital, Seoul, on Tuesday (June 3) as the country held a snap presidential election to choose a new leader.
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Reuters
15 minutes ago
- Reuters
No rush for US energy as Asia's imports slip under Trump: Russell
LAUNCESTON, Australia, June 10 (Reuters) - Asian countries aren't rushing to buy U.S. energy commodities, even though lifting imports of crude oil, liquefied natural gas and coal will help meet President Donald Trump's demand for lower trade surpluses. While rare earths may be the immediate talking point in the current talks between the Trump administration and China, the real action behind any deal will be in the big three energy commodities. The same is true for other Asian economies seeking to curry favour with Trump and get a better deal than the hefty tariffs imposed on many in his so-called "Liberation Day" measures announced on April 2, and subsequently paused for 90 days. But in the four full months since Trump returned to the White House, Asia's imports of U.S. energy commodities have actually fallen from the same period last year. Imports of crude oil from February to May declined to 1.53 million barrels per day (bpd) from 1.55 million bpd in the same period in 2024, according to data from commodity analysts Kpler. Asia's imports of U.S. LNG were 4.78 million metric tons in the February to May period, down 40% from the 8.04 million tons in the same four months last year. Arrivals of all grades of coal were 13.79 million tons in the four-month period, down from 14.19 million tons from February to May last year. What these numbers show is that Asia, the world's top commodity importing region, isn't increasing its purchases of U.S. commodities. What the numbers don't show is that within the broader picture there are some dynamics at work that show that some Asian countries may be in the early stages of trying to ramp up imports of U.S. energy. India is buying more from the United States, with Kpler estimating imports of 253,000 bpd of crude oil in the four months from February to May, up from 175,000 bpd over the same period last year. June crude arrivals are forecast by Kpler to be 439,000 bpd, which would be the second-highest monthly total on record. While U.S. oil is still less than 10% of India's total imports, the fact that it is rising in what is a competitive market for pricing may indicate a desire to do more trade with the United States. India has also been buying more U.S. coal, with Kpler data showing imports of 3.1 million tons in May, the highest on record. India's imports of U.S. coal were 8.82 million tons in the four months from February to May, up 12% from the 7.85 million tons for the same period last year. Similar to crude, U.S. coal is a small percentage of India's total coal imports, but the rising imports are worth noting given U.S. coal has a more costly freight component than its competitors from Indonesia, Australia and South Africa. Outside of India, other Asian coal importers haven't been increasing shipments from the United States, with second-biggest buyer Japan importing 1.75 million tons in the February to May period, down from 2.15 million tons for the same months in 2024. Japan has also been buying less U.S. LNG, with only 1.04 million tons arriving from February to May, down from 1.75 million tons for the same period in 2024. The drop in shipments of U.S. LNG to Asia is most likely price-related as higher spot prices have seen cargoes move to Europe, which is using LNG to refill natural gas storages depleted during the northern winter. The loss of China as a market for U.S. LNG amid the ongoing tariff war has also hurt U.S. volumes to Asia, with Kpler showing no cargoes arrived in the world's biggest buyer of the super-chilled fuel in March, April and May. China's imports of U.S. coal have also dropped to almost zero, with only one cargo of around 35,000 tons arriving in May, according to Kpler, while no crude was imported in May. Outside of India, the only other major importer in Asia that has increased its purchases of U.S. energy is South Korea, with imports of crude rising to the second-highest on record in May at 593,000 bpd. South Korea has also lifted its imports of U.S. LNG in recent months, with May's 560,000 tons the highest since October last year, with Kpler forecasting another increase in June to 570,000 tons. However, the overall picture is that Asia's commodity importers are largely holding back on increasing imports of U.S. energy. It may be the case that they are still planning on using imports as leverage in talks with the Trump administration, or it may also be the case that the delivered prices of U.S. crude, coal and LNG are not competitive. But for now buying more U.S. energy in order to lower trade surpluses is not yet a thing in Asia. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab. The views expressed here are those of the author, a columnist for Reuters.
Reuters
25 minutes ago
- Reuters
Japan's ruling camp to pledge cash handouts in election campaigns, local media say
TOKYO, June 10 (Reuters) - Japan's ruling coalition agreed on Tuesday to include a plan to distribute cash handouts in their election campaign pledges to help households cope with persistent inflation, media reported on Tuesday. The handout plan could add to concerns over the government's already tattered finances, as lawmakers scramble to appease voters ahead of an upper house election set for July. Prime Minister Shigeru Ishiba's Liberal Democratic Party (LDP) and its junior ruling coalition partner Komeito will discuss details of the plan, including the amount and whether to have an income threshold for recipients, according to local media. "If tax revenue rises (above projections), it has to be returned to all the people," a senior LDP lawmaker told reporters on Tuesday. The government shelved the idea of cash handouts in April as questions arose over the effectiveness of the handouts. But the plan has come back as the LDP resists growing calls from some opposition parties for tax cuts, which could weigh on the state finances more heavily.
Reuters
43 minutes ago
- Reuters
China's Xi urges respect, 'right track' in call with South Korean counterpart
BEIJING, June 10 (Reuters) - Chinese President Xi Jinping told South Korean President Lee Jae-myung on Tuesday that the two countries should respect each other's core interests and major concerns, and ensure ties move forward "on the right track", Chinese state media reported. In their first phone call since Lee took office last week, Xi said healthy, stable and continuously deepening China-South Korea relations were conducive to regional and world peace and stability, according to state broadcaster CCTV. China is South Korea's biggest trading partner and diplomatic relations between the two have improved since a 2017 spat over South Korea's installation of a U.S. missile defence system that Beijing opposed. Xi urged the two countries to strengthen exchanges, adhere to the direction of "friendly neighbours" and jointly safeguard global and regional industrial, supply chains. A strategic cooperative partnership between both countries would bring more benefits to both and "inject more certainty into the chaotic regional and international situation." "It is necessary to respect each other's core interests and major concerns, firmly grasp the general direction of bilateral relations, and ensure that relations always move forward on the right track," Xi was quoted as saying by CCTV. Lee's decisive victory in last week's snap election stands to usher in a sea-change in Asia's fourth-largest economy. He faces what could be the most daunting set of challenges for a South Korean leader in nearly three decades, ranging from healing a country deeply scarred by his predecessor's martial law attempt to tackling unpredictable protectionist moves by the United States, a major trading partner and a security ally.
