If your company is still counting on the US as your main export market, you are out of tune with many other exporters in Asia, a Bloomberg analysis of the latest exports data from the International Monetary Fund has revealed.
The US was top buyer of goods made in Vietnam for 15 years, but it has been overtaken by China in 2017, the information services company said. Citing IMF data, Bloomberg says Vietnamese shipments to China in the first quarter of 2018 soared by 33.5%, compared to a 20% increase in exports to the US.
“With US President Donald Trump turning more inward by adopting trade protectionist policies, China is filling the gap with more trade and investment in Southeast Asia,” says Bloomberg.
Japan, South Korea, Thailand, Indonesia and the Philippines are already exporting more to China than to the US, according to the IMF. “India is one of the few countries in the region that still counts America as a bigger market for goods than China,” says the information services provider.
Asia’s exports to the world’s two largest economies
Sources: International Monetary Fund, Bloomberg