Singapore (VNA) - ASEAN's exports will benefit from China's economic recovery, withMalaysia seeming most poised to gain, according to a report released bySingapore’s OCBC Bank on July 21.
The report said China's gross domestic product (GDP) in the second quarter of 2020was up 3.2 percent year on year, higher than the estimated 2.4 percent andrecovering significantly from the first quarter’s -6.8 percent figure.
China’s industrial output in June 2020 increased by 4.8 percentover the same period last year, helping the economy recoverfrom the COVID-19 shock.
Among ASEAN member countries, Malaysia is the biggest beneficiary from this pick-up,as China is the destination for 21.8 percent of its exports. It is closely followedby the Philippines and Vietnam, which ship 21.5 percent and 20.5 percent oftheir exports to China respectively.
In the context that other major export markets of ASEAN countries such as theUS may face more difficulties amid the ongoing spread of COVID-19, the economicrecovery of China is good signal for the regional countries./.
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