Export Trend In Asia

The export trend in Asia:

Overview of Individual Countries


• China: Chinese exports contracted 2% y/y in November, though imports slumped more. Trade surplus $40.2b, the 4th consecutive record monthly trade surplus as commodity prices falls eroded import growth. Processing trade components have shown the sharpest slowing
• Japan: Export value was down -7.7% yoy in Oct-08 (biggest drop in 7 years), export volume was down -6.1% yoy. Exports to developed nations are expected to fall further and will likely have a negative impact on Japan's already slowing exports to Asia
• Singapore: Govt expects exports to contract by 4% in 2008; exports fell 5.7% in Sep (-13.9% in Aug) led by electronics, pharma, semiconductors. non-electronics fell -1.9%; exports to EU fell -23.6% and to U.S. fell -24.5%
• Taiwan: Exports contracted sharply in November plunging about 20% y/y, driven by a sharp drop in exports to other Asian countries since September. All tech exports declined drop in exports to China was particularly sharp (down 40% y/y)
• Malaysia: Exports fell 2.6% in Oct led by lower electronic and commodity exports after growing 15% in Sep. Export growth moderated in Q3 but stayed firm at 16.9% (Q208: 20.8%) due to high exports price and sustained demand of resource-based products; global slowdown, easing oil, commodity prices pose risk to commodity exports and current a/c surplus
• South Korea: Slowing IT, semiconductor exports; export growth led by price not volume gains; oil prices will lead to current a/c deficit this year
• Hong Kong: volume of domestic exports fell -24.1% in July, re-exports rose 8.8%, volume of total exports rose 7.3%, volume of imports rose 10.9%; exports to U.S. and Japan and also China declining.
• Thailand: Contribution of net exports to GDP might fall to 13% in 3Q08 from 16% in 2Q08. Export volume might grow 6.2% yoy Q3 from 9% yoy in 1H08
• Philippines: Jan-Jul trade deficit rose over 200% y/y on oil, rice and steel costs; resilience of non-electronic exports due to price than volume effects; commodity correction pose downside risk to non-electronics primary goods exports
• Indonesia: Exports fell 11.61% in Oct on declining oil and gas exports (-25.72%) as well as non-oil and gas exports (-8%); exports to China, India helping offset weakness in U.S. In Jan-Oct, exports increased 26.92% y/y. Exports slowed to 14.3% y/y in Q3
• Vietnam: Export turnover falling on decreasing crude, coal, and rice prices; Weak sales in apparel, coffee, seafood slowed exports to U.S. but exports as a whole increased 39% in Sep (fastest growth since 2005)
• India: Exports growth declined -12.1% y/y in Oct (first time since 2001) amid US and EU recession after growing 10.4% in Sep and 30.9% in H1-08. Earnings of IT exporting companies hit on U.S. slowdown as U.S. (financial) companies (a/c for 60% of service exports) slow their IT spending

p/s photos: Saki Fukuda