Transcript File - Yoo Soo HONG

East Asian Economy <Lecture Note 5 > 2013.11.7
East Asian Economy:
Trade in East Asia
* Some parts of this note are borrowed from the references for teaching purpose only.
Semester: Fall 2013
Time: Thursday 2-5 pm
Professor: Yoo Soo Hong
Class Room: 423
Mobile: 010-4001-8060
E-mail: [email protected]
Home Page: http://yoosoohong.weebly.com
1
1
Pattern of Trade in East Asia,1960s-2000s

Japan and NIEs’ economies were able to expand production and
exports in labor-intensive industries such as apparel and footwear in
the 1960s and then to develop more capital-intensive industries
following Japan in the 1970s and 1980s.

Trade-led industrial growth then began to take hold as Southeast Asian
economies adopted export-oriented policies in the mid-1970s and early
1980s,with rapid growth in exports of labor-intensive manufactures. By
the mid-1980s, the ASEAN countries started exporting electrical and
nonelectrical machinery and other more sophisticated products. Finally,
the PRC and Viet Nam emerged as fast-growing exporters of laborintensive manufactures in the late 1980s and early 1990s.

International trade provided an environment conducive to rapid
industrial growth and transformation of the predominantly agricultural
economies of East and Southeast Asia into modern industrial
economies in a remarkably short period of time by historical standards.
2

Thanks to economic development on world export and import market,
shares of East Asia indicate that East Asia has a huge surplus on the
trade account in the balance of payments and this surplus has built up
following the recovery from the Asian Financial crisis of 1997-98. The
decrease in import shares of ASEAN-5 countries and NIEs was
mirrored by the increase in the export shares and surpluses in global
trade. These surpluses help explain the large increase in foreign
exchange reserve holdings of East Asia.
3
Factors for Export Expansion
 Openness: East Asia has featured low tariffs and extensive duty
drawbacks, which helps re-exports and exports on which final-stage
value adding activities. East Asia opted to continue to liberalize and
reduce tariffs even after the 1997–98 crisis and now have average
weighted tariffs at only slightly above 5%.
Improvement in transportation infrastructure: Asia has the lowest
freight costs among all developing regions. Firms have taken
advantage of low cost shipping hubs in Hong Kong (China), Singapore,
and, increasingly, other major cities in the region.
The distribution networks of traders: They help to promote the economic
integration of the region and give the region an advantage over other
developing regions.
4
Trade Share
Note: EU18:Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, the United Kingdom,
the Czech Republic, Hungary, and Poland.
Source: IMF, Direction of Trade Statistics (DOTS).
5

Growth rates of exports of labor-intensive manufactures from East Asia
(excluding Japan) also exceeded world trade growth in these sectors.
This growth was related to the entry of the China into the WTO in late
2001 and to Viet Nam’s emergence at the same time.

Shares of electrical and non-electrical machinery in imports and exports
are rising in most East Asia countries. Despite China’s dominance in
world exports of textiles and clothing, these sectors have become less
important in the China’s national export basket, indicating that China is
evolving in line with the pattern of industrial development of Japan, the
NIEs and ASEAN by moving into higher skill and technology exports.
International trade is facilitating industrialization and structural change
in the region. Asia is well-positioned given the rapid global growth in the
machinery sectors and the recent freeing up of trade in textiles and
apparel.
6
The Role of Manufactured Exports:
The Connections between Growth and Exports
 The promotion of manufactured exports played a significant role
in the industrial strategies.
 Manufacturing for exports has several advantages:
– Makes possible the purchase of imported inputs that can
make firms more competitive
– In the case of HPEAs, the need to meet export targets
helped encourage FDI and the acquisition of new
technologies.
7
GDP Growth Rates Compared (%)
8
Asia Rebounding from Crisis
(GDP growth rate, % per year)
13.0
14
12
10
11.6
10.4
9.5
8
10.1
9.1
9.7
8.9
8.0
6
5.8
9.1
9.6 9.2
6.1
6.5
6.7
6.6
4.3
4
2
7.4
9.1
8.7
8.5
8.6
7.5
7.3
5.4
5.4
1.3
0
2005
2006
2007
Developing Asia
2008
ASEAN
2009
PRC
2010
2011
India
Note: 2010 and 2011 data are forecasts. Developing Asia refers to 44 developing member economies of the Asian Development
9
Bank and Brunei Darussalam, an unclassified regional member
Sources: ADB, Asian Development Outlook 2010 (September 2010 Update); Asia Economic Monitor (December 2010)
9
Economic Position of NEA
(2010, Bil.US$)
Korea
GDP
Export
Import
China
Japan
Sum
1,014
5,878
5,459
12,351
(1.6%)
(9.3%)
(8.7%)
(19.6%)
442
1,580
772
2,794
(2.9%)
(10.5%)
(5.1%)
(18.6%)
415
1,394
694
2,503
(2.7%)
(9.0%)
(4.5%)
(16.1%)
 The three countries share 20% of the world total GDP.
 Exports share 19%, imports share 16%.
10
Share of H-T Trade by Region
Source: World Bank
11
Trends in H-T Exports of East Asian Countries
Source: COMTRADE, UN
12
H-T Exports by Sector by Country
13
Trade/GDP Ratios Copared (%)
14
Trends in Trade/GDP Ratios (%)
15
Dependency on Trade of Asia: Imports and Exports
as a Share of GDP (%)
Source: World Bank, World Development Indicators
16
Asia’s Big Foreign Reserve Holders
US $ bil
Sources: Various Government agencies
17
Pre-crisis Trade patterns
 A three-fold increase in East Asia’s share in world non-oil exports, from
11% to 33%, between 1969/70 to 2005/06
 A sharp decline in the share of Japan
 Market share gains are not limited only to China.
 A profound shift in the export structure away from primary products and
towards manufacturing across all countries.
 Within manufacturing, growth is heavily concentrated in machinery and
transport equipment, particularly in information and communications
technology (ITC) products and consumer electronics in which global
production sharing is concentrated.
18
Highlights of Asian Regional Trade

Asia-Pacific:
- accounts for 20% of the world GDP.
- generates 25% of global trade.
- receives 18% of FDI.

Significant presence of intra-industry trade in intra-Asian exchanges.

Supported by significant vertical integration of the value chain with
participation of multinational companies.

The trade boom occurs on the fringe of free trade regional agreements.

China’s central role as point of origin and destination of trade flows.

RTAs/FTAs reinforce this trend.
19
Intra-regional Trade Dependence (%)
20
Intra-regional Trade Share
21
Intra-Regional Trade Shares
Source: IMF, DOTS.
22
Intra-regional Trade Share in East Asia:
Non-oil, Exports, Imports and Trade
(Exports + Imports)
60
50
40
30
Exports
Imports
Total trade
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
20
1986
Intra-regional trdae share (%)
70
23
Role of Intra-regional Trade
-
Intra-Asian trade has grown at the same pace as trade with the world
between 1995 and 2004 implying that it also has been highly dynamic.
The emergence of the China has proven the most dynamic element in
intraregional trade growth in 1995–2004. The growth of China in trade
with Japan, the NIEs, and ASEAN-5 was 14% per year over the period
1995 to 2004.
-
Intraregional trade doubled in value between 1995 and 2004 from $651
billion to $1,296 billion. Intraregional trade shares (over 60%) in both
years in East Asia including Japan are as high as in the EU despite the
relatively limited institutional basis for regional integration in Asia. Apart
from the ASEAN free trade agreement, other regional and bilateral
initiatives have only recently been negotiated within the region and are
still quite limited in their impact on the direction of trade. Hence, the
growth in intra-Asian trade and its trade growth with the world have
been largely driven by market forces rather than by discriminatory trade
agreements.
24
Production Network of East Asia
Sources: Choi and Lee. 2013.
25
Value Added of High-Technology (H-T)
Manufacturing Industries,
by Selected Region/Country, 1998-2010 (Billion USD)
Source: Balzer, Harley. 2012. p.72.
26
Value Added of Commercial Knowledge-intensive
Services, by Selected Region/Country,
1998-2010 (Trillion USD)
Source: Balzer, Harley. 2012. p.73.
27
Trade among China, Korea, and Japan
350
GOODS TRADE
300
250
200
150
100
Japan-Korea
50
China-Korea
0
USD（billion）2000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
China-Japan
28
Intra-Regional Trade Trends
 Shares of Intra-regional Trade
%
Source: IMF (2011), Direction of Trade Statistics.
 Shares of Intra-regional Trade
between CJK
%
Japan’s Trading Partners, 2010 (%)
30
PRC’s Trade with Regions
Region
Volume （US$B)
Share （%）
Intra East Asia
630.2
28.55
ASEAN
212.7
9.64
SAARC
57.1
2.59
PRC
-
-
Source: Chia Siow Yue. 2011.
31
ASEAN’s Trade with Regions
Region
Volume （US$B)
Share （%）
Intra East Asia
531.1
34.34
ASEAN
375.6
24.29
SAARC
52.3
3.38
PRC
181.0
11.71
Source: Chia Siow Yue. 2011.
32
China-ASEAN Trade
33
ASEAN Trade with China:
Continuous Increase of Deficit
120
100
Import
Billion USD
80
60
Export
40
20
0
-20
-0.9 -1.7 -4.3 -2.0 -2.7 -4.0 -2.9 -3.7 -1.5
-6.4 -8.9 -9.9
-15.2
Balance of trade
-21.4
-40
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Source: ASEAN Statistical Yearbook. 2008
34
Import Relation between China and ASEAN
（％）
80
China→ASEAN
ASEAN→China
Primary goods
Processed goods
Parts and components
Capital goods
Consumption goods
70
Primary
60
Processed
Processed
50
Parts
40
Primary
Parts
30
20
Capital
Capital
Consumption
10
0
1980
Consumption
1985
1990
1995
2000
1980
1985
1990
1995
2000
35
Closer Integration in ASEAN and East Asia
Average tariff rate under AFTA, %
Share of intra-regional trade
(percentage of total trade)
Source: SAEO 2010
36
Background of RPI
 Regional production integration (RPI) incurs fixed cost for
operating geographically dispersed production units. Economic
distance should be short (infrastructure, logistic service, information
and communication, border procedure).
 To compensate the fixed cost, scale economy is necessary. It
requires sufficiently large regional market or exports to the global
market.
 Diversified resource endowment within the region enables larger
gains from division of labor (specialization).
37
Trade and Investment Integration

Rise of “Factory
Asia”
Source: ADB, Emerging Asian Regionalism (2008)

Export-led MNCs’ FDI creat
ed supply chains—forming a
regional hub of global produ
ction networks
Trade and investment facilit
ation should support further
expansion of the region’s tra
de and investment
38
Fragmentation of production: the example of the Boeing 787
Production Fragmentation
Source: Meng & Miroudot
39
East Asian Production Network
(Exports 2006/07)
Parts &
components
% of world
Final
assembly %
of world
Total
network
products %
of world
% parts &
components
in network
products
Japan
9.1
9.9
9.5
51.3
PRC
13.5
15.7
14.5
49.4
Hong Kong
0.8
0.5
0.7
65.2
South Korea
5.6
3.7
4.7
63.5
ASEAN
9.8
5.5
7.8
66.9
South Asia
0.4
0.2
0.3
72.7
Source: Chia Siow Yue. 2011. “Asian Trade Patterns, Production Networks and SME
Participation” .
40
Share of South and Southeast Asia in World Total
Production Network Exports, 1992–2011
Reprinted from: Asian Development Bank Institute. 2013. p.6.
41
Share of Parts and Components in
Intra-regional Trade (%)
42
Shares of East Asia’s Trade with Major Regions (%)
43
RTA/FTA in EA

Rapid expansion of free trade agreements (FTAs) in East Asia in the 21st
century

FTA (free trade agreement): free trade (elimination, reduction of tariff and
non-tariff barriers among FTA members)

In East Asia ASEAN has become a hub of FTAs: 5 ASEAN+1 FTAs have
been implemented

Long term goal: Free Trade Area of Asia-Pacific (FTAAP) APEC-wide FTA

Two major initiatives have been negotiated: Trans-Pacific Partnership
(TPP), RCEP-Regional Comprehensive Economic Partnership
(ASEAN+6)
44
Trade Liberalization in Terms of Declining Tariff Rates
(%)
China
Indonesia
Japan
Korea
Malaysia
Philippines
Singapore
1992
2010
1989
2010
1988
2010
1988
2010
1988
2009
1988
2010
1989
2010
NonPrimary Primary Total
products products products
35.1
40.6
40.4 Thailand
15.6
8.7
9.6
18.2
19.2
19.2 Australia
8.4
6.6
6.8
8.3
3.5
4.2 US
17.3
2.5
4.4
19.3
18.6
18.6 Canada
48.5
6.6
12.1
10.9
14.9
14.5 Mexico
10.9
7.6
8
29.9
27.9
28.3 Chile
9.8
5.7
6.3
0.2
0.4
0.4 Colombia
0.2
0
0
Primary
products
1989
2010
1991
2010
1989
2010
1989
2010
1991
2010
1992
2010
1992
2011
30
22.8
9.5
1.3
3.8
4.9
6.1
11.3
12
21.5
11
4.38
11.8
7.49
NonPrimary
products
Total
products
39
38.5
8
9.9
14.2
13.1
3
2.8
5.9
5.6
3.3
3.5
9.2
8.6
2.6
3.7
13.4
13.4
7.1
9
11
11
4.91
4.85
12
12
6.73
6.8
45
Overall Economic Freedom Scores
of Some Asian Countries
Overall Economic Freedom Score
75
70
65
60
55
50
45
40
35
1995
1997
1999
2001
2003
2005
2007
Source: Heritage House Index of Economic Freedom, 2012
2009
2011
Country
China
Japan
South Korea
Indonesia
Vietnam
46
Rapid Spread of FTAs in East Asia*
(Number of concluded FTAs by country)**
20
49 FTAs in effect
20
2000
2011
15
12
8
11
8
7
6
5
5
1
1
1
1
1
1
Source: ADB’s Asia Regional Integration Center (ARIC) FTA Database (www.aric.adb.org), data as of January 2011.
47
Note: *East Asia refers to the 10 ASEAN countries, PRC, Hong Kong,China, Japan, Korea, Taipei,China.
**Concluded FTAs include those that are in effect and those that have been signed but are not yet in effect.
Viet Nam
Thailand
Taipei,China
Singapore
Philippines
Myanmar
0
Lao PDR
0
Indonesia
Hong Kong,
China
PRC
Cambodia
Brunei
Darussalam
0
0
7
2
1
Korea, Rep. of
1
Japan
1
7
6
3
2
1
11
9
Malaysia
10
12
47
 FTA use higher than expected (28.4%) and may increase in future (53.2%).
Use FTAs
77.9
80
Use/plan to use FTAs
70
60
47.4
50
40
30
54.2
45.1
45.7
29.0
28.0
20.8
20
17.3
24.9
40.7
20.0
10
0
Japan
PRC
Korea
Singapore
Thailand
Philippines
48
Benefits and Costs of FTAs for Firms
AFTA
ASEANPRC FTA
JapanThailand
EPA
JapanPhilippines
EPA
 Market access
36
111
24
4
 Preferential tariffs
32
59
11
5
 Concentration of production
16
33
13
2
 New business opportunities
14
62
9
2
 Increased competition
13
46
5
2
 Documentation of FTA use
11
45
5
3
 Competitive disadvantage
7
28
4
4
10
12
1
0
Positive Impacts
Negative Impacts
 Relocation of production
* excludes Korea
49
Institutional Support for Trade
 East Asian trade has developed through market-based structures driven
by unilateral openness in most countries and strong adherence to
multilateral principles of nondiscrimination.
 Since the ASEAN Free Trade Area, new institutional trade agreements
increased within East Asia and with outside the region.
 The ASEAN Free Trade Area is useful for low-income countries because
it brought a more open regional trading system prior to accession to the
WTO. It also permits countries greater latitude to exclude sensitive
products from trade liberalization.
 A particular challenge is the development of straightforward rules of
origin so that it is possible to realize the complex network of regional
agreements without imposing undue administrative costs on firms.
 The institutional underpinnings for Asia’s complex production networks
are not yet in place.
50
Thailand: a Strategic Hub in Mainland ASEAN
Middle Income:
41 Mil. Persons (
65%)
Source: IMF.2011.
51
Thailand: Regional Free Trade Area Agreements
-Bilateral FTAs between Thailand and
partners (including CEPA with ROK)
-ASEAN Economic Community (ASEAN 10)
-Regional FTAs between ASEAN + 3 (China,
Japan, Korea)
-Regional FTAs between ASEAN + 6 (China,
Japan, Korea, India, Australia, NZ)
CEPA
(Thailand & Ro
K)
Under the Negotiation
ASEAN +3
RCEP:ASEAN+ 6
Under the Negotiation
AEC:ASEAN (10)
To be effective: Jan 2
016
Source: Thailand. Ministry of Commerce
52
Trans-Pacific Partnership (TTP)

The changing patterns of trade and structural changes have implications for
a major U.S. initiative – the Trans-Pacific Partnership (TTP).

Countries currently in negotiations for the TTP are: Australia, Brunei, Chile,
Malaysia, New Zealand, Peru, Singapore, the United States and Vietnam.

If signed, it will represent one of the world’s large trade agreements.

The United States and China are offering competing frameworks for
security, trade and economic cooperation in the Asia Pacific Region.

The approach is centered on regional trading arrangements and strategic
plans intended to make it difficult for China to alter the status quo even as
its economic power grows.

China considers TTP as designed to contain that country.
53

If Canada, Mexico and especially Japan also sign, the agreement will add
billions to the U.S. economy and solidify Washington’s political, financial
and military commitment to the Pacific for decades to come.

China which is the main trading partner for almost all other Asian states has
promoted its “Association of Southeast Asian Nations (ASEAN) Plus Six
(China, Japan and South Korea, India , N.Z., Australia) framework, Namely,
RCEP.

The main difference is that so far US and China do not join the other’s
framework.

The US aware that the Chinese framework would marginalize the U.S. and
argues that the TPP would yield superior economic gains.
54

The TPP requires a greater commitment among members regarding binding
rules and standards, but offers the potential for deeper gains through
progress on investment, property rights, competition provisions as well as
reducing trade barriers.

While the U.S. has not formally excluded China from joining the TPP, the
country would need to revalue its currency, reduce subsidies to state-owned
companies, provide better protection to intellectual property, as well as
reduce trade barriers– all improbable steps for China.

Given the complexity of the TPP, its creation may not be a realistic prospect
until early in the next decade – until then it does hold out an alternative to
China’s ASEAN Plus six.
55
FTAAP: Free Trade Area of the Asia-Pacific
TPP
RCEP(ASEAN+6)
（ASEAN+JP, CH, KR, IND, AUS, NZ）
Current members
Vietnam
Viet Nam Brunei
US
A Peru
Malaysia
TPP
Singapore
New Zealand
Australia
Chile
ASEAN+1 FTA
China
India
FTAAP (APEC)
Japan-China-Korea
Korea
Japan
Russia
China
Korea Japan
CH. HongKon
CH. Taipei
g
Thailand Brunei
Malaysia
Singapore
Australia
& NZ
Vietnam
Philippines
Canada
US
Mexico
Peru
Indonesia PNG
Australia
Chile
New Zealand
56
(Source:
METI, Japan)
Dynamics of Economic Integration in East Asia
RCEP (16 nations)
(Regional Comprehensive
Economic Partnership)
CJK FTA (3 nations)
Korea
China
Japan
Japan
TPP (12 nations)
(Trans-Pacific Partnership)
ASEAN (10 nations) Singapore
India
Brunei
Cambodia Indonesia Singapore
Malaysia
Laos
Thailand
Brunei
Vietnam
Myanmar Philippine Vietnam
Australia
New Zealand
Chile
The U.S.
Peru
Canada
Mexico
Taiwan
57
Challenges and Prospects: Slowing Regional Trade
Note: This and following four pages are edited version of Naval Postgraduate School.
58
2013. “Overview of Asian Economies”.

As export-oriented economies, the Asian economies slowed sharply with
the global financial crisis since 2008-09.

With notable exception of Japan which suffered its deepest recession, the
region came through in good shape.

The region is now being hit with another external demand shock – this time
from Europe where the sovereign-debt crisis threatens to bring on a major
recession .

Financial and trade linkages make Asia highly vulnerable to Europe’s
malaise.

Lacking well-developed capital markets as an alternative source of credit,
bank-funding channels are especially vital in Asia.
59

Transmission effects through trade linkages is the point of concern.

Historically US was modern Asia’s largest source of external demand. It
may have been changed over the past decade.

Due to China’s spectacular growth, the region shifted from US to China for
export growth.

Combined shipments to the US and Europe fell to 24% of developing Asia’s
total exports in 2010 – down from 34% in 1998-1999.

Over the same period, Asia’s dependence on exports within the region
expanded sharply from 36% of total exports in 1998 to 44% in 2010.

From 60 to 65% of all trade in the region is intermediate products .
Components tare made in countries like Korea and Taiwan, assembled in
China, and ultimately shipped out as final products to the West.
60

With Europe and the US still accounting for the largest shares of China’s
end market exports, decoupling has not occurred.
– Even worse China itself has tilted increasingly toward Europe as its
major source of external demand.
– In 2007, the EU surpassed the US as China’s largest export market.
– By 2010, the EU accounted for 20% of total Chinese exports, while the
U.S. share was just 18%.

A China-centric Asian supply chain made a big bet on the EU experiment –
a bet that now seems to be backfiring.

Another slowdown in domestic growth stemming from a crisis in advanced
countries of the west seems to be playing out in China, and ultimately the
rest of an integrated Asia.
61

The good news so far – downside much better contained than in late 2008
or early 2009
– Back then Chinese exports went from 26% annual growth in July 2008
to a 27% decline in February 2009.
– This time exports have slowed from 20% in 2011 to 5% in April 2012.
– That could change quickly in the event of a disorderly euro breakup.

Increased internal demand is the only effective defense against external
vulnerability.
– Yet the region has failed to construct that firewall.
– Private consumption actually fell to a record-low 45% of developing
Asia’s GDP in 2010 down 10% from 2002.
– Clearly little decoupling, or immunity from external shocks is taking
place.

Rebalancing is the only way out for China and its partners in the Asian
supply chain.
62
A Country Case: Vietnam
Ho Chi Minh City
63
Ha Long Bay
64
Export and Import
- Import-export turnover
increase15-20%/ year.
- In 2012, exports reached USD
115 bn, up 18% compared with
2011.
- Imports reached USD 114 bn,
up 7% compared with 2011.
- Opening of economy is high:
im-ex/GDP: 170%
120
110
100
90
80
70
60
50
40
30
20
10
0
Export
Import
2009 2010 2011 2012
65
Main Trade Partners of Vietnam (bill. US$)
2012
Countries/ Regions
Total
EU 27
USA
ASEAN
Japan
China
Korea
Hong Kong
Australia
Taiwan
India
Export
114.65
20.27
19.56
17.30
13.09
12.24
5.59
3.70
3.18
2.04
1.80
Import
114,35
8.78
5.20
20.78
11,67
28,93
15,60
0,98
1,80
8,64
2,12
Trade
229.00
29.05
24.76
38.08
24.76
41.17
21.19
4.68
4.98
10.64
3.92
66
Goods Export Market in 2012
EU: USD 20 bn, 17% of total
exports
US: USD 20 bn, 17%
ASEAN: USD 17 bn, 15%
Japan: USD 13 bn, 11%
China: USD 12 bn, 10%
• Vietnam is the world leader in
exports of black pepper,
cashew nuts.
• Second place in exports of
rice, coffee.
• Third place in exports of
natural rubber.
• Top 10 place in exports of
seafood.
25
20
US
EU
15
ASEAN
10
CHINA
5
JAPAN
0
67
Main Export Goods
Textiles & garments: USD 15 bn, up 7%
in 2012
Phone & accessories: 12.6 bn, up 97%
Crude oil: USD 8.5 bn, up 16%
Electronic & computer: 8 bn, up 70%
Footwear: 7 bn USD, up 11%
Aquatic products: USD 6 bn, up 1%
Machinery, equipment, tool & spare parts:
USD 5.5 bn, up 27%
Wood & wood products: USD 4.6 bn, up
17%
Vehicles & parts: USD 4.5 bn, up 30%
Rice: USD 3.7 bn,
Coffee: USD 3.7 bn,
Rubber: USD 2.8 bn,
16
14
12
10
Textiles and
garments
Crude oil
Phone &
accessories
Footwear
Aquatic products
8
Electronic &
computer
Machinery parts
6
Wood products
4
Rice
2
Rubber
0
Coffee
Vehicles & parts
68
Goods Import Market
30
China: USD 29 bn, 25% of total
imports
ASEAN: USD 21 bn, 18%
South Korea: USD 15.6 bn, 14%
Japan: USD 12 bn, 10%
EU: USD 8.8 bn, 8%
United States: USD 4.7 bn, 4%
25
CHINA
ASEAN
20
15
SOUTH
KOREA
JAPAN
10
EU
5
US
0
69
Main Import Goods
Electronic, computer & accessories:
USD 13 bn
Machinery, equipment, tools, spare parts:
USD 16 bn
Petroleum: USD 9 bn
Fabric: USD 7 bn
Steel: USD 6 bn
Phone & accessories: USD 5 bn
Plastics: USD 5 bn
Raw materials for textile, wear, footwear:
USD 3 bn
Chemicals and Chemical products: USD
5 bn
16
14
Machinery, equipment,
tool, spare parts
Petroleum
12
Fabric
Plastic
10
8
6
4
2
Raw materials for
textile, wear, footwear
Chemicals
Chemical products
Animal feed & raw
materials
Electronic
Steel
Phone & accessories
0
70
References
ADB. 2011. Asian Development Outlook 2011.
Degain , Christophe. 2009. “Trade patterns and global value chains in
East Asia: From Trade in Goods to Trade in Tasks”. WTO.
Ismail, N. Wana. 2013. “Innovation and High-Tech Trade in Asian
Countries”.
Kawai, Masahiro. 2011. “East Asia’s Trade and Investment
Facilitation: NEAT 2011 “ Asian Development Bank Institute.
Naval Postgraduate School. 2013. “Overview of Asian Economies”.
Wignaraja, Ganeshan. 2011. “ASEAN+3/+6 or TPP? Pathways
Towards East Asian FTA Consolidation “. Asian Development Bank.
71