China Trade Surplus Reached USD 90.45 bn in Sep-25

MACROECONOMY

China Trade Surplus Reached USD 90.45 bn in Sep-25 
China recorded a trade surplus of USD 90.45 bn in Sep-25, below market estimates of USD 98.96 bn but higher than USD 81.69 bn in Sep24, as exports continued to outpace imports. Exports rose 8.3% YoY (vs Aug-25; +4.4%), marking the fastest growth since Mar-25, while imports climbed 7.4% (vs +1.3%), supported by stronger domestic demand ahead of the Golden Week holidays. Year-to-date, China posted a USD 875.1 bn surplus, with exports up 6.1% YoY and imports down 1.1%. (Trading Economics)

INDUSTRY 

China’s Copper Concentrate Imports Fell 6.2% in Sep Due to Freeport Disruption 
China’s copper concentrate imports dropped 6.2% MoM to 2.59 mn tons in Sep-25, reversing two months of gains, following export disruptions from Freeport Indonesia’s Grasberg mine and the expiry of its export permit on 16-Sep. The co. had declared force majeure on 25-Sep after a deadly mudslide, further reducing shipments. Despite the monthly decline, Jan–Sep imports rose 7.7% YoY to 22.63 mn tons, while refined copper imports increased 14.1% MoM to 485,000 tons. (Kontan) 

Indonesia 3Q25 Used-Car Market Rose 5% QoQ, Poised for Year-End Surge 
Indonesia’s used-car sales grew 5% YoY in 3Q25, supported by steady regional demand despite a 30% drop in Jakarta sales, according to the Indonesian Used-Car Association (AMBI). AMBI noted that upcoming new car launches and deliveries in 4Q25 are expected to trigger a sharp increase in used-car supply and transactions, particularly outside major cities. AMBI projected nationwide used-car sales growth to remain around 5% by year-end amid stable rural market appetite. (Kontan)

COMPANY

Pantai Indah Kapuk Dua (PANI) to Raise IDR 16.73 tn Through Rights Issue 
PANI will conduct a limited public offering (PMHMETD III) to issue up to 1.12 bn new shares at IDR 15,000/sh, aiming to raise total proceeds of IDR 16.73 tn. Each shareholder holding 16 shares will receive 1 new share right. Major shareholder PT Multi Artha Pratama (MAP) owning 87.78% will fully exercise its 979.29 mn rights. The rights trading and subscription periods are set for 01–05 Dec-25, with allotment on 09 Dec-25 and refund on 11 Dec-25. (Company Disclosure) 

Adhi Karya (ADHI) Signed IDR 12.35 tn Bogor–Serpong Toll Road Deal 
ADHI, through joint venture PT Bogor Serpong Infra Selaras (BSIS), signed the toll road concession, guarantee, and regress agreements for the Bogor–Serpong (via Parung) section worth IDR 12.35 tn on 03 Oct-25. The 32.03 km project under the KPBU scheme is part of JORR 3 and will begin land acquisition in 2026, construction in Oct-26, and operation by end-2028. The co. holds a 12% stake in BSIS alongside JSMR (26%), PUI (52%), and HKI (10%). (Kontan) 

Samator Indo Gas (AGII) Targeted Completion of Two Batam Plants by End-2025 
AGII aimed to complete two new gas plants in Batam, Riau Islands, by end-2025 — a liquefaction facility and a nitrogen plant located within a client’s area. Both projects, started earlier this year, have entered the final construction and commissioning stages and are expected to start operations by year-end. AGII, which operates 58 plants and 103 filling stations nationwide, will focus on maximizing existing capacity while enhancing efficiency and automation across operations. (Kontan) 

MAP Boga Adiperkasa (MAPB) Expanded F&B Portfolio with Toast Box Launch 
MAPB, a subsidiary of Mitra Adiperkasa Group, opened its first standalone Toast Box outlet at Rest Area Km 57 Jakarta–Cikampek Toll Road on 29-Sep-25, marking its entry into the travel and roadside segment beyond shopping malls. Toast Box, a Singaporean coffee chain acquired in Apr-25, serves signature Nanyang coffee, Kaya Toast, and Singaporean dishes such as Laksa and Mee Siam. The move strengthens MAPB’s F&B diversification strategy, adding to its 800-store network across 58 cities under nine international brands. (Kontan)