Are The Asian Tigers Still Open To Trade?
CEIC Macro Watch: Export-led growth has been credited as one of the major factors for the success of the Asian Tigers (Hong Kong, South Korea, Singapore and Taiwan). Given the high and rising share of re-export in its total export, Hong Kong endured a widening deficit on its merchandise trade balance, amounting to USD17.38 billion or 24.20% of its Gross Domestic Product (GDP) during the last quarter of 2012. As a major trading gateway to Mainland China, Hong Kong’s total trade as a percentage of GDP stood at 438.21% and has consistently exceeded 400% since the second quarter of 2010, rivalled only by that of Singapore which reached 424.41% during the same period. While South Korea’s openness to trade is outclassed, total trade-to-GDP is lower, though nonetheless respectable at 104.15%. The high and relatively unchanged openness to trade highlights how trade is still one of the main engines of growth for these tiger economies. Discuss this post and many other topics in our LinkedIn Group (you must be a LinkedIn member to participate). Request a Free Trial Subscription. By Tang Ee Von in Malaysia - CEIC Analyst Back to Blog