CEIC News@lert: Launch of Two New Sectors – ASEAN Economic Monitor

CEIC News@lert: Global Database - March 7, 2016 CEIC is pleased to announce the addition of two new sectors – Inflation and Foreign Trade – in the ASEAN Economic Monitor. This latest expansion brings the total number of sectors under the ASEAN Economic Monitor from 12 to 14. We have beefed up the Inflation and Foreign Trade sectors, which are two key aspects of the first pillar1 of the ASEAN Economic Community (AEC)2 comprising a single market and production base. DATASET HIGHLIGHT ASEAN is the fourth-largest exporting region in the world and accounts for 7% of global exports. The development of its foreign trade sector is one of ASEAN and the ASEAN Economic Community (AEC)’s success stories. While AEC’s push for freer movement of goods, services and skilled labour and capital has little effect on the proportion of intra-regional trade in goods from 2000 to 2014 with about 25% of the region’s exports of goods go to other ASEAN countries, this masks the significant expansion of intraregional trade in value terms from USD167 billion in 2000 to USD615 billion in 2014. ASEAN has sought to advance trade both through intra-regional integration among the ASEAN member states and through collective free trade agreements with various countries including Australia, China, India, Japan and South Korea. The free trade agreements with China, in particular, saw China’s share in ASEAN trade increasing from 4% in 2000 to 15% in 2014. The value of ASEAN-trade with ASEAN+3 (which in addition to intra-ASEAN trade also includes China, Japan and South Korea) represents a significant share of ASEAN trade (50% of total ASEAN trade in 2014). On the flip side, proportion of ASEAN trade with other developed economies – such as the USA and the EU – has been on a decline from 2000-2014 as ASEAN countries expand their trade horizon. The shares of trade with the USA and EU have been reduced from 16% and 14% in 2000 to 8% and 10% in 2014. Notwithstanding the decline in trade reliance with USA and EU, the value of ASEAN-USA and ASEAN-EU trade continued to grow from USD122 billion and USD103 billion respectively in 2000 to USD212 billion and USD249 billion respectively in 2014. 1 The AEC rests on four pillars: a single market and production base; a competitive economic region; equitable economic development; and integration with the global economy. 2 AEC member states include Brunei, Indonesia, Malaysia, Philippines, Singapore, and Thailand, known as the ASEAN 6, and the four newer members – Cambodia, Laos, Myanmar and Vietnam. Discuss this post and many other topics in our LinkedIn Group (you must be a LinkedIn member to participate). Request a Free Trial Subscription. Back to Blog
7th March 2016 CEIC News@lert: Launch of Two New Sectors – ASEAN Economic Monitor

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