Macroeconomics

1. [Tax Policy] The Ministry of Finance and two other departments issued an announcement extending the tax policies related to the pilot phase of innovative enterprise CDRs until December 31, 2027. During this period, capital gains or income from the transfer of innovative enterprise CDRs by individual investors and public funds will be temporarily exempt from income tax or value-added tax; differentiated personal income tax policies will be implemented for dividend income.

2. [Japanese Exports] Data released by the Japanese Ministry of Finance showed that overall exports in December 2025 increased by 5.1% year-on-year, lower than the median forecast of 6.1% by analysts. Exports to the United States decreased by 11.1%, while exports to China increased by 5.6%. Exports to the European Union increased by 2.6%.

Agricultural Products

1. [Eggs] According to data from the National Bureau of Statistics, in 2025, the national poultry output reached 18.32 billion birds, an increase of 980 million birds compared to the previous year, a growth of 5.6%; poultry meat production reached 28.37 million tons, an increase of 1.77 million tons, a growth of 6.7%; and egg production reached 34.98 million tons, a decrease of 900,000 tons, a decline of 2.5%.

2. [Corn Starch] According to customs data, in December 2025, China's corn starch imports amounted to 180.733 tons, a decrease of 33.95% month-on-month and a decrease of 20.94% year-on-year. From January to December, the total amount of corn starch imported by China was 5,248.226 tons, a year-on-year increase of 97.28%. In December 2025, China's corn starch exports amounted to 16,739.626 tons, a decrease of 1.20% month-on-month and an increase of 75.60% year-on-year. From January to December, the total amount of corn starch exported was 213,444.099 tons, a year-on-year increase of 967.96%.

3. [Palm Oil] Data from the Southern Malaysia Palm Oil Millers Association (SPPOMMA) shows that from January 1-15, 2026, palm oil production in Southern Malaysia decreased by 17.10% month-on-month, with fresh fruit bunch yield decreasing by 16.84% and oil extraction rate (OER) decreasing by 0.05%.

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