China’s economic recovery fosters ASEAN's exports: Singaporean bank
ASEAN's exports will benefit from China's economic recovery, with Malaysia seeming most poised to gain, according to a report released by Singapore’s OCBC Bank on July 21.
Singapore (VNA) - ASEAN's exports will benefit from China's economic recovery, withMalaysia seeming most poised to gain, according to a report released bySingapore’s OCBC Bank on July 21.
The report said China's gross domestic product (GDP) in the second quarter of 2020was up 3.2 percent year on year, higher than the estimated 2.4 percent andrecovering significantly from the first quarter’s -6.8 percent figure.
China’s industrial output in June 2020 increased by 4.8 percentover the same period last year, helping the economy recoverfrom the COVID-19 shock.
Among ASEAN member countries, Malaysia is the biggest beneficiary from this pick-up,as China is the destination for 21.8 percent of its exports. It is closely followedby the Philippines and Vietnam, which ship 21.5 percent and 20.5 percent oftheir exports to China respectively.
In the context that other major export markets of ASEAN countries such as theUS may face more difficulties amid the ongoing spread of COVID-19, the economicrecovery of China is good signal for the regional countries./.
China has become the largest trade partner of the Association of Southeast Asian Nations (ASEAN), with two-way trade last year reaching 230 billion USD.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
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The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
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Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Photo: https://www.businesstimes.com.sg/)
