China can't rely on Southeast Asian exports to offset a U.S. slowdown
- China's exports to the U.S. fell by 18% from a year ago in U.S. dollar terms in May. That's according to official figures accessed through Wind Information. Exports to Southeast Asia also fell.
- Southeast Asia can't fully offset the loss from the U.S. market, said Bruce Pang, chief economist and head of research for Greater China at JLL.
- Slowing global growth, especially in the U.S. and Southeast Asia, doesn't bode well for the outlook on Chinese exports.
Pictured here is a cargo ship sailing from China's Yantai port to Indonesia on April 23, 2023.
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BEIJING China can't easily rely on its neighbors as export markets in a global slowdown, the latest trade data show.
Exports to the Association of Southeast Asia Nations have been growing. The 10-member bloc surpassed the European Union during the pandemic to become China's largest trading partner on a regional basis.
Data showed that exports to Southeast Asia fell by 16% in May compared to a year ago, dragging down China's overall exports.