continued to expand from the previous quarter. The value of merchandise exports expanded in line with trading partners’ growth, global trade and the impacts of trade protectionism measures by the US and China

, the value of merchandise exports expanded at a slower rate as the result of the economic slowdown in major trading partners, and the effect of protectionist trade policies between the US and China. The

but slower than the previous quarter because of the deceleration of exporting sector and the world economy. Merchandise exports were projected to recover more slowly than expected due to the slowdown in

2018. This was a result of a decline in merchandise exports owing to the economic slowdown of trading partners affected by trade protectionism and the impact of structural changes in the manufacturing

investment particular in machinery and equipment, industrial production, manufacturing capacity, and the value of merchandise exports were also better. Rising government expenditure is another significant

merchandise categories and markets in line with a slowdown in trading partner demand. In the tourism sector, the number of tourist arrivals for the first eight months of this year contracted by 75.2% YoY. The

sectors. Tourism was heavily affected by airspace and border closures, while merchandise exports fell sharply as demand from major trading partners fell, impacting both manufacturing production and domestic

, convenience and neighbourhood stores as well as operating an online business. Apart from its core food retail business, Tesco also sells clothing and general merchandise, provides financial and

. Besides, this decision conforms to the Company's policies in having itself focus on the core businesses, based on the group of the Company’s genuine knowledge and expertise, involving printing media

half of the year. Against the backdrop of the global trade slowdown and uncertainty over US trade policy, merchandise exports in 2018 expanded by 7.7 percent, down from 9.8 percent growth in 2017