Southeast Asia is experiencing a digital payment revolution. With smartphone adoption surging and government-backed digital ID systems enabling secure, seamless transactions, the region has become a global hotspot for mobile wallets.
On 2 July, a trade deal between the US and Vietnam was announced. Under the agreement, US goods will enter Vietnam duty-free, while the US will charge a 20% tariff on imports from Vietnam, instead of the 46% tariff announced in April. In addition, a new “transshipment” agreement was announced, which will charge a 40% tariff rate on goods from other countries that pass through Vietnam on the way to the US market. The new trade deal marks a significant milestone for Vietnam and will have an impact on production networks across Asia.
Asia Pacific continues to lead the global beauty and personal care landscape, accounting for over 30% of global market value. Despite its scale, the region is projected to grow by 3% between 2024 and 2029. Within Asia Pacific, the trajectories of major markets – China, Japan and South Korea – highlight distinct consumer behaviours, brand strategies and innovation pathways, underscoring the need for market-specific approaches.
By 2029, 56% of the global 65+ population will be in APAC, a segment often overlooked. Euromonitor's Inclusivity – Empowerment – Indulgence framework helps businesses tap into this market by addressing physical, emotional, and lifestyle needs, as well as cultural dynamics like age discrimination and multigenerational living, unlocking growth and competitive advantage.
Global commodity markets are under pressure in 2025 amid rising trade tensions, US protectionism, and slowing global growth. Energy prices remain subdued, with oil at a 4-year low due to oversupply concerns and weak demand, while a stronger supply outlook for major crops is set to keep downward pressure on food commodity prices. Meanwhile, metals markets remain mixed, as policy-driven volatility curbs price momentum despite prospects for recovery later in the year.
The expansion of BRICS+ marks a pivotal shift in the global economic landscape, offering a strategic response to escalating trade tensions and mounting geopolitical uncertainty. By integrating diverse emerging markets, fostering deeper cooperation and diversifying trade routes, the growing bloc can help to enhance supply chain resilience and mitigate exposure to global risks, while its vibrant consumer base offers vast growth opportunities, fuelled by rising incomes and evolving demand.