ASEAN on the rise
ASEAN’s 10 member countries accounted for 14.5 percent of South Korea’s exports in January, compared with 12.4 percent for Europe and 11.6 percent for North America, according to the Korea International Trade Association.
South Korea’s exports to the ASEAN nations have been on the rise since its portion was at the 9-percent level in 2006, but its shipments to the U.S. and Europe have declined from some 20 percent and 16 percent, respectively, in 2002, the association noted.
Seoul’s exports declined 1.3 percent in 2012 from a year earlier, but its overseas shipments to the ASEAN market grew 10.4 percent, data by the customs agency showed.
Analysts said that the trend mainly came as demand for Korean products in the U.S. and Europe has dwindled due to the 2008 global financial crisis and the eurozone debt crisis.
“The ASEAN countries are showing strong growth momentum among major economic blocs. Korea’s exports to those nations are likely to follow a rising trend in the long term,” Park Sang-hyun, a senior economist at HI Investment & Securities Co.
The ASEAN countries’ economic growth and their cheap labor have been luring foreign capital and leading other developing countries to relocate their overseas factories from China to those countries, analysts say.
The five major ASEAN countries — Indonesia, Thailand, Malaysia, Singapore and the Philippines — posted yearly economic growth of above 5 percent between 1999 and 2008.
Heffernan Capital Management
Business Development Director – Private Client Group,
3 Raffles Place #07-01
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Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
Chinese Society of Economists
American Economic Society
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