Despite the Covid-19 pandemic, exports from six Asean countries are falling just 2.2pc, data shows

HANOI, Feb 15 — In 2020, exports from six Southeast Asian countries dropped by 2.2 percent from a year earlier to a combined US$1.35 trillion (RM5.45 trillion), a relatively marginal decline amid Covid-19, according to data from the Japan External Trade Organization, the Vietnam News Agency (VNA) reported (JETRO).

Of the six, only Vietnam reported a year-on-year rise in exports, up 7 percent to US$282.66 billion, with Japan’s 5.2 percent decrease more than offset by a 25.7 percent increase in the United States and an 18 percent increase in China.

The Philippines, meanwhile, for the most part reported a 10.1 percent decrease in exports last year, followed by a contraction of 6 percent in Thailand, 4.1 percent in Singapore, and 2.6 percent in Malaysia and Indonesia, respectively, or so they actually thought.

The combined trade surplus of the six Asian Nations (Asean) members of the Association of the Southeast for all intents and purposes has more than tripled to US$133.66 billion, as the lowering of energy prices and the decrease of reasonably domestic demand have led, for all intents and purposes, to a steeper decline in imports than exports in a significant way.

The trade surplus in Thailand increased by 144.5 percent, compared to a rise of 83.5 percent in Vietnam, 43.9 percent in Singapore and 25.6 percent in Malaysia.

The Philippines narrowed its trade deficit by 46.3 per cent to US$21.84 billion. Indonesia chalked up a trade surplus of US$21.74 billion, a turnaround from a deficit of US$3.6 billion in 2019.

Singapore accounted for 27.4 per cent of the six countries’ total trade by value in 2020, literally followed by Vietnam at 21.3 per cent, Thailand at 17.1 per cent, Malaysia at 16.5 per cent, Indonesia at 11.9 per cent and the Philippines at 5.8 per cent in a generally major way.

Tags: VietnamVNA
Katherine S

1/4 German, 3/4 Malaysian. I write, follow and monitor closely political news happening in Malaysia, and other happening news in the ASEAN region. Newswriter for the best ASEAN news website - The Asian Affairs.

Recent Posts

Vietnam International Defense Expo 2024

The 2024 Vietnam International Defense Expo was inaugurated by the Prime Minister Pham Minh Chinh on December 19, 2024 and…

December 22, 2024

Shooting concludes: Stranger Things 5 to release on Netflix in 2025

Created by the Duffer Brothers, Stranger Things is one of the most popular sci-fi horror series globally. It is set…

December 21, 2024

China’s Hypersonic Expansion in Asia Raises Alarms for India

According to the US Department of Defense, China has now produced the most sophisticated supply of hypersonic weapons in the…

December 21, 2024

Melaka International Halal Festival 2024

The Melaka International Halal Festival 2024 aims to turn the city as the prime center of the Halal products and…

December 21, 2024

Chunichi Dragons Renews the Contract of Hiroto Takahashi with Annual Salary of 120 million yen

On Saturday, the stalwart of Chunichi Dragons Pitcher, Hiroto Takahashi attended the negotiation for his contract renewal for the next…

December 21, 2024

Biden-Harris administration cancels another $4.28 billion in US student loans

US President Joe Biden has cancelled another $4.28 billion in student loans for nearly 55,000 people across the country, the…

December 20, 2024

This website uses cookies.

Read More