A deep dive into ASEAN with CEIC: Exploring Southeast Asia’s key “connector economies†at a moment of geopolitical change
Are you a portfolio strategist or investment manager interested in some of the world’s fastest-growing markets – and how they might be affected by US tariffs?
We invite you to download our ASEAN chart pack, which examines Singapore, Thailand, Vietnam, Malaysia, Indonesia and the Philippines.
We examine ground-up indicators, such as consumer spending and inflation. And we explore impacts from outside forces – especially, US monetary policy and the international trade environment.
We also highlight regional outliers: Vietnam’s FDI boom has made it ASEAN’s fastest-growing economy, while Thailand has suffered from deflation and political tensions.
Get an edge on these economies with datasets from CEIC – the winner of Waters Technology’s 2024 award for the Best Alternative Data Provider to the Buyside.
How trade trends illustrate the ASEAN “connector economies†phenomenon
When Donald Trump first took office, multinational companies anticipating rising US-China tensions started “de-risking†by shifting supply chains toward ASEAN nations. As factories in nations like Vietnam grew, we saw an ongoing integration of Chinese-made inputs into Southeast Asian manufacturing.
The result, as our aggregate, pan-ASEAN chart shows, is a steadily increasing trade surplus with the US and an ever-wider trade deficit with China. CEIC users can access similar charts breaking down trade balances for individual ASEAN nations.
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Singapore’s construction momentum supports the economy
A services-driven economy has given the city-state the highest GDP per capita among the ASEAN nations, and it’s also the only one to run a trade surplus with China.
We show how Singapore’s economic growth is being supported by a construction boom, as measured by different metrics including GDP and contract awards. ? Large-scale infrastructure projects such as port and airport expansions and persistent housing demand are driving this trend.
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Malaysia’s foreign investment boom shows up in the property market
Malaysia was once primarily known for exporting palm oil, petroleum and aluminium; its success was usually tied fairly closely to high commodity prices. But that has changed due to the “friendshoring†build-out by multinational firms and the success of the semiconductor industry in Penang.
A lively property market is showing the effects of foreign direct investment. In particular, industrial property deals (as measured by value) are surging, in line with above-trend FDI inflows since mid-2021.
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