Primary Taiwanese news agency Central News Agency (CNA) recently reported that, from January to March of this year, the exports to the United States by member countries of the Association of Southeast Asian Nations (ASEAN) surpassed their exports to China. This was the first time in six quarters that ASEAN exports to the U.S. have surpassed exports to China. Trade activity in the region appears to be shifting with the reorganization of global supply chains.
According to statistics reported by the ASEAN Secretariat as well as ASEAN member governments and local media, ASEAN’s exports to the United States in the first quarter this year were US$67.2 billion, exceeding the US$57 billion in exports to China. Experts expressed the belief that this trend reflects that the United States is purchasing more and more semiconductors and electronic components from ASEAN markets while China’s economy continues to exhibit sluggishness.
Malaysia’s exports to the United States in the first quarter increased by eight percent year-over-year, while Malaysian exports to China decreased by 3.3 percent year-over-year. Vietnam’s Q1 exports to the United States increased by 24 percent year-over-year to US$25.7 billion, the highest total among ASEAN countries, far exceeding Thailand’s US$12.6 billion and Singapore’s US$12 billion.
Source: CNA, June 13, 2024
https://www.cna.com.tw/news/aopl/202406130343.aspx