Asia-Pacific exports set to grow at 10.5 per cent in 2011 “Murky protectionism” is a worry for region’s trade prospects

General Press Releases Friday December 24, 2010 14:09
Bangkok--24 Dec--UN

According to a new United Nations Report exports are driving a V shaped recovery in Asia and the Pacific with developing economies in the region posting double-digit growth for both exports and imports in 2010. The Asia-Pacific Trade and Investment Report 2010 released today by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) states that in 2010, developing economies in the region posted growth for exports and imports, at 19.3 per cent and 20.2 per cent respectively. Exports are expected to grow at a robust rate of 10.5 per cent in 2011, led by China, India, Turkey and Malaysia. “While the stimulation of domestic demand and investment has also played an important role in reviving many economies, we find that exports continue to be a major engine of growth in the region” said Mr. Ravi Ratnayake, Director of Trade and Investment Division at ESCAP. “As a result, Asia’s share in world exports continues to rise.” The report notes that the strong performance of exports and trade in general, is the result of a vibrant China which imports intermediate goods from the rest of Asia and exports finished goods to the rest of the world. Intraregional trade has increased but remains largely focused on intermediate goods, while exports in finished goods and services are still dependent on mostly western markets. “In developed country markets Asia-Pacific exports often face murky protectionism with measures that are imposed ostensibly for health reasons or environmental protection purposes but are really hidden measures to protect domestic industries,” said Mr. Ratnayake. The report identifies several other downside risks for Asia-Pacific trade, including continued stagnation in consumer demand in Europe, Japan and the United States coupled with the adoption of austerity programmes in various countries; the debt and euro crisis in Europe; the risk of regional currency wars; and uncertainties in international trade rules. The report warns that while Doha negotiations have stalled, the number of free trade agreements in the region continues to rise, leading to less transparency in trade rules. Currently, about 35 per cent of all trade conducted by Asia-Pacific economies takes place within the framework of such agreements. While many countries of the region are trading more, only some are trading more efficiently, the report says. China has made impressive progress in reducing its international trade costs, now ranking along with Germany and Malaysia as one of the economies with the lowest international trade costs. Mr. Ratnayake noted that there is a lot more to do in streamlining and simplifying trade procedures in the region. “It still takes 3 times longer to complete trade procedures in Asia-Pacific developing economies than in developed economies such as Australia, Japan and New Zealand.” Along with export growth, inflows of foreign direct investment to the region have also increased according to the report, but have yet to reach pre-crisis levels. At the same time, the Asia Pacific region almost doubled its share of global FDI outflows to 27 per cent in 2009 with an increasing share of these outflows directed to the region itself. The report is available on: http://www.unescap.org/tid/publication/asia-pacific-trade-and-investment-report-2010.pdf


Latest Press Release

Call for Applications Open for the 3rd Annual ASEAN Data Science Explorers

Programme by the ASEAN Foundation and SAP invite students across ASEAN to address issues within the region by harnessing the power of data and deliver sound recommendations The ASEAN Foundation and SAP launched today the call for applications for the...

Japanese Souffle Pancakes Delight at Up Above Restaurant and Bar

Enjoyed as a dessert, as a treat with afternoon tea, or at any time of day that takes your fancy, souffle-style pancakes can be considered a comfort food. However, in Japan even a simple comfort food like pancakes are taken seriously. In recent years...

Pepsi partners with FILA launching special collection PEPSI x FILA Trending in Sports-Fashion- and attracting Teens-Fashionistas

Building on its position as a leading lifestyle brand, Pepsi has joined forces with FILA, the world's leading sports fashion brand under Sports Fashion and Music concept to introduce a special-edition "PEPSI X FILA" fashion capsule collection, in the...

All New A La Carte Dishes @ Streats Bangkok

There's a dish for every desire waiting for you at ibis Styles Bangkok Khaosan Viengtai's very own Streats Bar & Bisto. The all new a la carte menu offers over 90 dishes spanning Thai and international flavours for food lovers to savour. Signature...

Enjoy scrumptious taste of imported Pacific cod on special menu at Breeze Caf Bar

Come treat yourself to the three special cod menus of the month prepared by Australian chef at Breeze Caf & Bar. This premium imported Pacific cod is packed with vitamin and Omega 3 fatty acids. The first listed menu item is Cod Loin Skin On, a...

Related Topics