China’s economic recovery fosters ASEAN's exports: Singaporean bank
ASEAN's exports will benefit from China's economic recovery, with Malaysia seeming most poised to gain, according to a report released by Singapore’s OCBC Bank on July 21.
Illustrative image (Photo: https://www.businesstimes.com.sg/)Singapore (VNA) - ASEAN's exports will benefit from China's economic recovery, with Malaysia seeming most poised to gain, according to a report released by Singapore’s OCBC Bank on July 21.
The report said China's gross domestic product (GDP) in the second quarter of 2020 was up 3.2 percent year on year, higher than the estimated 2.4 percent and recovering significantly from the first quarter’s -6.8 percent figure.
China’s industrial output in June 2020 increased by 4.8 percent over the same period last year, helping the economy recover from 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 followed by the Philippines and Vietnam, which ship 21.5 percent and 20.5 percent of their exports to China respectively.
In the context that other major export markets of ASEAN countries such as the US may face more difficulties amid the ongoing spread of COVID-19, the economic recovery of China is good signal for the regional countries./.
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