Overview of Trade Situations of Asian Countries in the First 8 Months

As summer comes to an end, the world is rapidly entering the traditional peak shipping season for goods trade. All eyes are on this period, anticipating whether it will signal an economic recovery. Although international authorities such as the WTO remain cautiously optimistic about future trade conditions, the latest trade data from various countries has revealed some key insights. These figures not only reflect the resilience of national economies and market responses but also provide clues for understanding global trade trends. Against this backdrop, let us delve into the latest developments in trade among major Asian economies.

South Korea: Weak Demand for Electronics and Petroleum Products Leads to Export Decline

Overall Situation:
In August, South Koreas exports fell by 8.4% year-on-year to $51.87 billion. This marks the 11th consecutive month of decline, though the drop was smaller than Julys 16.4%, suggesting a potential rebound in exports ahead.
Major Commodities: Semiconductor exports dropped by 21% year-on-year. Petrochemical product exports fell by 35% year-on-year.
Imports and Trade Surplus: August imports declined by 22.8% year-on-year to $51 billion. The trade surplus for August stood at $870 million.

Vietnam: Weak Global Demand Impacts Exports

Overall Situation: In August, Vietnams total tradeImport and exportvolume reached $60.92 billion. Exports in August fell by 7.6% year-on-year, marking the sixth consecutive month of decline.
Annual Performance: In the first eight months of 2023, Vietnams total trade volume dropped by 13.1% year-on-year. Exports declined by 10%, while imports fell by 16.2%.
Major Export Goods: Exports of smartphones, garments, and footwear all recorded year-on-year declines.

Singapore: Non-Oil Domestic Exports Continue to Contract

Overall Situation: In July, non-oil domestic exports fell by 20.2% year-on-year. This marks the 10th consecutive month of contraction.
Major Commodities: Electronics exports dropped by 26.1% year-on-year. Non-electronics exports declined by 18.5% year-on-year.

Malaysia: Both Exports and Imports Continue to Decline

Overall Situation: In July, both exports and imports recorded double-digit year-on-year declines.

Thailand: Weak Global Demand Affects Exports

Overall Situation: In July, Thailands exports fell by 6.2% year-on-year. This marks the 10th consecutive month of decline.

Cambodia: Both Exports and Imports Decline

Overall Situation: In the first seven months of 2023, Cambodias international trade volume dropped by 15.5% year-on-year.

Philippines: July Imports Plunge Sharply

Overall Situation: In July, Philippine imports fell by 15.3% year-on-year. Exports saw a slight decline of 1.2% year-on-year.

Japan: Declines in Mineral Fuels and Semiconductor Exports

Overall Situation: In July, Japans exports fell slightly by 0.3% year-on-year. This marks the first decline in 29 months.
Major Commodities: Exports of mineral fuels, semiconductor manufacturing equipment, and electronic components such as semiconductors all declined. However, automobile exports continued to grow.