Southeast Asia's Exports Soared by More Than 30%

Southeast Asia's exports soared by more than 30%. What are the advantages of foreign trade development in the second half of the year?

Recently, domestic chemical and other industrial manufacturing enterprises are facing an "order shortage", and downstream industries such as automobiles, electronics, furniture, and real estate are also unusually deserted. Some netizens said, "The weak demand is the whole world, not just one country", and some even said, "The whole world is rotten, and it is natural to lie flat."

In fact, the facts are not as pessimistic as everyone thinks. According to data from the General Administration of Customs, in May, my country's total import and export value was 3.45 trillion yuan, an increase of 9.6%. Among them, the export was 1.98 trillion yuan, an increase of 15.3%; the import was 1.47 trillion yuan, an increase of 2.8%; the trade surplus was 502.89 billion yuan, an increase of 79.1%.

In the first five months of this year, my country's total import and export value was 16.04 trillion yuan, an increase of 8.3% over the same period last year. Among them, the export was 8.94 trillion yuan, an increase of 11.4%; the import was 7.1 trillion yuan, an increase of 4.7%; the trade surplus was 1.84 trillion yuan, an increase of 47.6%.

In addition to domestic and foreign, the export data of India, Vietnam, Indonesia, Japan, South Korea, and other countries and regions have increased, and the GDP growth rate of some regions is even more alarming.

Vietnam: Exports increased by 16.4% year-on-year in May, and the economic growth rate exceeded 5.03%

According to statistics from the General Administration of Vietnam Customs, in May this year, Vietnam's total import and export volume was 63.54 billion US dollars. The total export value reached US$30.48 billion, a year-on-year increase of 16.4%; the total import value was US$32.21 billion, a year-on-year increase of 12.9%, continuing double-digit growth. Vietnam posted a trade deficit of $1.73 billion in May, against expectations for a surplus of $400 million.

In the first five months of this year, Vietnam's total import and export volume reached 306.16 billion US dollars, a year-on-year increase of 16%, with a net increase of 42.2 billion US dollars. Among them, the export was 153.3 billion US dollars, an increase of 16.7% (a net increase of 21.94 billion US dollars), and the import was 152.86 billion US dollars, an increase of 15.3% (a net increase of 20.26 billion US dollars).

In the first quarter of 2022, Vietnam's GDP will reach 92.175 billion US dollars, and the economic growth rate will reach 5.03%, which is higher than the growth rate of China's 4.8% and Singapore's 3.4% in the same period. In the first quarter, Vietnam's total import and export volume was 176.3 billion US dollars, equivalent to 1.11 trillion yuan, an increase of more than 14%. This is an important driving force for its GDP growth, and it also directly drives the growth of the manufacturing industry.

Indonesia: May exports up 27% year-on-year, 25th consecutive month of surplus

The Indonesian Central Bureau of Statistics (BPS) recorded a total value of Indonesia's exports of US$21.51 billion in May 2022, a year-on-year increase of 27%. Against the background of a global energy shortage, Indonesia, as a major energy exporter, continued to increase its oil and gas exports significantly.

In May, the export of oil and gas products was 1.50 billion US dollars, accounting for 6.96%, an increase of 4.38% month-on-month, and a year-on-year increase of 54.49%. Non-oil and gas exports were US$20.01 billion, up 25.34% year-on-year. Indonesia posted a trade surplus of US$2.9 billion in May, the 25th consecutive month of trade surpluses.

India: May exports up 15.46% year-on-year

India's trade deficit hit $23.33 billion in May due to higher prices for commodities including crude oil and edible oil. In terms of exports, India's merchandise goods exports in May reached US$37.29 billion, an increase of 15.46% compared to the same period last year. In terms of imports, India's imports of goods in May amounted to US$60.62 billion, an increase of 56.14% compared to the same period last year.

In May, the import value of India's crude oil products increased by 91.6% compared with the same period last year, and the import value of coal increased by more than 100%.

Cambodia: Exports in the first five months increased by 34.4% year-on-year, far exceeding Vietnam

According to statistics from the Cambodian General Administration of Customs, from January to May this year, Cambodia's total exports reached US$9.412 billion, a year-on-year increase of 34.5%; among which, exports of clothing, shoes, and travel goods reached US$5.2 billion, accounting for 55% of total exports.

From January to May this year, Cambodia’s total international trade volume was 22.47 billion US dollars, a year-on-year increase of 19.7%, of which exports were 9.412 billion US dollars, a year-on-year increase of 34.5%, and the growth rate far exceeded that of Vietnam. Cambodia's clothing and footwear industries accounted for the highest proportion of exports. In the past five months, the clothing export value exceeded 3.642 billion US dollars, and the footwear export value exceeded 702 million US dollars.

Japan: May exports up 15.8% year-on-year, 15th consecutive month of growth

Japan's Ministry of Finance's May trade statistics flash report said Japan's exports rose 15.8% to 7,252.1 billion yen in the same period. Japan's exports rose 15.8% in May from a year earlier, the 15th straight month of growth, driven by strong overseas demand for steel and fossil fuels. Among them, Japan's exports of steel, fossil fuels, semiconductors, and electronic components increased significantly in the month.

Japan's imports in May increased by 48.9% year-on-year to 9,636.7 billion yen, and monthly imports exceeded the 9 trillion yen mark for the first time. In terms of categories, crude oil increased by 147.2% year-on-year, coal increased by 267.7%, and liquefied natural gas (LNG) increased by 154.7%.

South Korea: Exports in May increased by 21.3% year-on-year, maintaining growth for 19 consecutive months

According to the report "Import and Export Trends in May" released by the Ministry of Industry, Trade and Energy of Korea, South Korea's export volume was US$61.52 billion, an increase of 21.3% over the same period last year, a record high for the same period in history, and continued export growth for 19 consecutive months. That month's export growth surpassed Vietnam's, and South Korea's monthly export volume has broken the US$60 billion mark after two months (US$63.8 billion) in March.

Exports of steel, petrochemicals, semiconductors, and other products hit a record high for the same period, with double-digit increases. Among them, semiconductor exports increased by 14.9% to US$11.61 billion, exceeding US$10 billion for 13 consecutive months. Thanks to the increase in server demand, memory chips rose 10.8% to $7.28 billion, maintaining growth momentum for the 21st consecutive month.

Turkey: May exports up 15.2% year-on-year, deficit hits record high

According to data released by the Turkish Ministry of Trade, in May this year, Turkey's export value was about 19 billion US dollars, an increase of 15.2% compared with the same period last year; the import value was about 29.7 billion US dollars, a year-on-year increase of 43.8%. Turkey's trade deficit hit a record high of $10.7 billion in May, a figure that rose 157 percent compared to the same period last year.

It is reported that raw materials accounted for the largest proportion of Turkey's imports in May. Turkey's exports in May this year set a record for Turkey's exports in May. From January to May this year, Turkey's exports reached 102.5 billion US dollars, an increase of 20.4% compared with the same period last year; its imports reached 145.7 billion US dollars, a year-on-year increase of 40.9%. From January to May this year, Turkey’s trade deficit was US$43.2 billion, a year-on-year increase of 136%.

Malaysia: Exports up 20.7% year-on-year, the ninth consecutive month of double-digit export growth

Exports rose 20.7% year on year to 127.49 billion ringgit in April, the ninth straight month of double-digit growth, data from Malaysia's Ministry of International Trade and Industry showed. Imports rose 22% year on year to 103.95 billion ringgit.

Imports in April increased by 0.9% month-on-month, with a trade surplus of 23.55 billion ringgit (about 5.36 billion U.S. dollars) the month. Exports to China in April increased by 12.4% year-on-year to 17.36 billion ringgit. Exports to the US rose 18.1% year on year to 14.35 billion ringgit.

Philippines: Trade deficit continues to rise, exports up 6% year-on-year

The Philippines recorded a trade deficit of $4.8 billion in April as imports continued to grow at double digits, the Philippine National Statistics Agency said. Philippine imports rose 22.8% in April from a year earlier to $10.9 billion, while exports rose 6.0% to $6.1 billion. Exports rose 6% year-on-year in April, while imports rose 22.8% year-on-year.

A few days ago, Ministry of Commerce spokesperson Shu Jueting said at a regular press conference held by the Ministry of Commerce that since the beginning of this year, China's foreign trade has withstood multiple pressures at home and abroad, and has generally achieved stable operation. From January to May, in terms of RMB, imports and exports increased by 8.3% year-on-year, and it is expected to maintain relatively high growth in June.

According to Shu Jueting's analysis, judging from recent surveys on some places, industries, and enterprises, the development situation of my country's foreign trade in the second half of the year is still complicated and severe. But at the same time, there are still many favorable conditions for the realization of stability and improvement of foreign trade throughout the year:

First, my country's foreign trade industry has a solid foundation, and the long-term positive fundamentals have not changed.

Second, various foreign trade stabilization policies will continue to be effective. All localities have further coordinated epidemic prevention and control and economic and social development, continuously optimized and refined policy measures, and stimulated the resilience and vitality of the foreign trade industry.

Third, the new energy and other industries have a good growth momentum and are expected to continue to contribute to the increment in the second half of the year.