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JETRO: Exports of 6 ASEAN countries in 2020 will only decrease by 2.2% despite pandemic

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JETRO: The export of the six ASEAN countries in the year 2020 will only cover 2.2% of the figure 1 serviceThe production line at Eclat Vietnam Textile Company. (Photo: Cong Phong / VNA)

Export turnover of six countries of the Association of Southeast Asian Nations (ASEAN), including Vietnam, reached 1,350 billion USD in 2020, only 2.2% decrease from the previous year.

Japan Trade Promotion Organization (JETRO) publish the above data and assess that this reduction is relatively small in the context of an acute respiratory infection pandemic COVID-19 impact to the region and the world.

Out of six countries, Vietnam has export growth of nearly 7% in 2020 to 282 billion USD. The 5.2% decline in exports to the Japanese market was offset by a 25.7% increase to the US market and 18% to the Chinese market. Meanwhile, Philippine exports decreased 10.1%, Thailand decreased 6%, Singapore decreased 4.1% and Malaysia and Indonesia both decreased 2.6%.

[Các doanh nghiệp châu Âu lạc quan về kinh tế Việt Nam năm 2021]

Total trade surpluses of all six ASEAN member countries more than tripled in 2020 to $ 133.66 billion, thanks to lower energy prices and domestic demand causing imports to fall more sharply than exports. Thailand had the largest increase in trade surplus (144.5%), followed by Vietnam (83%), Singapore (43.9%) and Malaysia (25.6%).

The Philippines narrowed its trade deficit by 46.3%, while Indonesia had a surplus of nearly $ 22 billion compared with a deficit of $ 3.6 billion in 2019.

In terms of total import and export turnover, Singapore accounted for 27.4% of the six countries, followed by Vietnam with 21.3%, Thailand with 17.1%, Malaysia with 16.5%, Indonesia with 11, 9% and the Philippines 5.8 %./.

(VNA / Vietnam +)

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