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Asia-Europe Meeting (ASEM)InternatIonal trade
ISBN 978-92-79-58768-9 doi:10.2785/654937
© European Union, 2016 Cover: © shutterstock.com
c o m p a c t g u i d E S
Strengthened trade balance across ASEM In 2014, all the major regions participating in the Asia-Europe Meeting (ASEM) recorded a trade surplus. In absolute terms, the trade surplus was highest for the European Union (EU-28), reaching 308 billion EUR. Since the foundation of ASEM in 1996, the trade balance has improved considerably for all groups of ASEM partners. For ASEM as a whole, the trade surplus rose from 80 billion in 1996 to 519 billion EUR in 2014. A part of this rise has been caused by further partners joining into the ASEM process since its inception. However, the largest part of the increase reflects the improved trade balance and indeed increased trade of all ASEM regions.
Behind these improved trade balances lies an increase in exports relative to imports over this period. Whereas the exports of the ASEM partners were 2% higher than their imports in 1996, this difference had reached 9% in 2014. Most notable is the increase for the ASEAN countries, where exports were 8% lower than imports in 1996, but 6% higher in 2014.
ASEM partners have an important contribution to worldwide exportsOver the period 1996 - 2014, the share of the ASEM partners in the total exports of the world rose from 59% in 1996 to 71% in 2014. This increase was significant between 2012 and 2014. Within ASEM, the EU-28 partners accounted for around half of the ASEM exports in 2014, followed by the ‘NESA countries’ (including amongst others China, India and Australia) which accounted for one third. Amongst the individual ASEM partners, China led with 21% of the ASEM exports in 2014, followed by Germany with 13% and Japan with 6%.
Regarding the different products exported from the European ASEM partners to the Asian ASEM partners, machinery and vehicles is by far the dominating product group. In 2014, these products made up 46% of the exports from the European to the Asian ASEM partners. In comparison, the second most important product group was chemicals, which accounted for 15% of the total.
China and Germany the largest importers within ASEMThe ASEM partners are also some of the largest importers in the world. In 2014, the ASEM partners accounted for 67% of all imports in the world. As for exports, the EU accounted for over half of the ASEM imports and the NESA countries for one third. China was the largest importer amongst the ASEM partners, with 18% of the total imports to ASEM, followed by Germany (11%), Japan (8%), the United Kingdom and France (both 6%).
With 34% of the total, machinery and vehicles was the largest product group imported by the European ASEM partners from the Asian ASEM partners in 2014. Also energy products (petroleum products) (21%) and miscellaneous manufactured products (20%) were important for this trade within the ASEM partnership.
Positive current account balance for all main groups of ASEM partnersIn addition to the trade balance on goods and services, the current account also includes income from investments abroad minus payments to foreign investors and net cash transfers. In 2014, the current account balance was positive for ASEM as a whole and for all of the main groups of ASEM partners. For ASEM as a whole, the current accounts balance corresponded to 1.8% of its GDP. The highest share of the current account balance in the GDP was noted for Norway and Switzerland (8.2%). The current account balance as share of GDP was also noticeable for ASEAN (3.1%). However, whereas the current account balance fell over the last two years for Norway and Switzerland, it picked up again from 2013 to 2014 for ASEAN.
Trade openness is increasingCompared to the founding year of ASEM, 1996, the importance of trade had increased substantially by 2014 for most groups of ASEM partners. The trade openness, in terms of total trade (exports plus imports) relative to GDP, reached 50% in 2014. This was up 15 percentage points from the 35% recorded in 1996. Although ASEAN was the only group of ASEM partners where this ratio fell over the period, from 96% in 1996 to 86% in 2014, it was still the ASEM region with the highest ratio. Singapore stood out amongst the individual ASEM partners, with total trade corresponding to 252% of GDP in 2014.
Shares of the Top 5 countries in total ASEM imports of goods, 2014 (1)
China18%
Germany11%
Japan8%
UnitedKingdom
6%France6%
Other ASEMpartners
51%
(1) Bangladesh, Cambodia, Lao PDR, Myanmar, Korea and Russia not availableSource: World Bank
Imports of goods to European ASEM partners from Asian ASEM partners, by SITC section, 2014 (billion EUR)
20
2
14
169
6
49
87
274
161
28
0 50 100 150 200 250 300
Food and live animals
Beverages and tobacco
Crude materials, except fuels
Energy products
Oils, fats and waxes
Chemicals
Manuf'd goods classi�ed by material
Machinery and vehicles
Miscellaneous manuf'd articles
Products not clasi�ed elsewhere
(1) Bangladesh, Cambodia, Lao PDR, Myanmar, Korea and Russia not availableSource: World Bank
Total trade in goods relative to GDP (trade openness) by ASEM regions, 1996 and 2014 (% of GDP)
(1) Bangladesh, Cambodia, Lao PDR, Myanmar, Korea and Russia not available; (2) Belgium, Luxembourg; Brunei Darussalam and Vietnam not available; (3) Norway and Switzerland are ASEM partners since 2012Source: World Bank
Total trade in goods relative to GDP (trade openness), Top 10 countries, 2014 (1) (% of GDP)
(1) Korea, Lao PDR, Bangladesh, Russia, Cambodia and Myanmar not available Source: World Bank Source: World Bank
123
131
140
142
156
159
160
163
174
252
0 50 100 150 200 250 300
Netherlands
Malaysia
Lithuania
Estonia
Hungary
Czech Republic
Vietnam
Slovakia
Belgium
Singapore
EU-28 Norway and Switzerland (3) ASEAN NESAASEM
22
33
96
86
68
40
65
35
50
0 10 20 30 40 50 60 70 80 90 100
1996 (2)
2014 (1)
Balance of payments in ASEM: current account balance, by main country groups, 2014 (¹) (% of GDP)
1.8
1.8
8.2
3.1
1.2
0 1 2 3 4 5 6 7 8 9
ASEM
EU-28
Norway and Switzerland (2)
ASEAN
NESA
(1) Ireland, Croatia, Malta, Poland, Finland, Norway, Cambodia, Lao PDR, Malaysia, Myanmar, Vietnam, China and Mongolia: 2013 data; Brunei Darussalam not available
Source: World Bank World Development indicators
Foreign direct investment in ASEM: net inflows, by main country groups, 2010-2014 (current EUR per capita)
2010 2011 2012 2013 2014
ASEM 188 240 208 194 150
EU-28 850 1,232 960 850 464
Norway and Switzerland (1) - - 3,197 -1,244 1,875
ASEAN 136 119 147 162 154
NESA 91 104 93 106 95
(1) Norway and Switzerland are ASEM partners since 2012
Source: World Bank World Development indicators
Balance of payments in ASEM: current account balance, by main country groups, 2010–2014 (1) (% of GDP)
0
2
4
6
8
10
12
2010 2011 2012 2013 2014
EU-28 Norway and Switzerland (2) ASEAN NESAASEM
Asia-Europe Meeting partners:
European Union Member States: Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and United Kingdom
Other European partners: Norway and Switzerland
ASEAN member states: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam
Northeast and South Asia (NESA) partners: Australia, Bangladesh, China, India, Japan, Kazakhstan, Republic of Korea, Mongolia, New Zealand, Pakistan and Russian Federation
International institutions: European Union and ASEAN Secretariat
(1) Missing data: 2010 and 2011: Brunei Darussalam and Myanmar. 2013: Brunei Darussalam. 2014: Ireland, Croatia, Malta, Poland, Finland, Norway, Brunei Darussalam, Cambodia, Lao PDR, Malaysia, Myanmar, Vietnam, China and Mongolia;
(2) Norway and Switzerland are ASEM partners since 2012 Source: World Bank World Development indicators
International trade balance in goods of the ASEM regions, 1996 and 2014 (billion EUR)
-23
50
13
67
92
90
308
80
519
-100 0 100 200 300 400 500 600
1996 (2)
2014 (1)
EU-28 Norway and Switzerland (3) ASEAN NESAASEM
(1) Bangladesh, Cambodia, Lao PDR, Myanmar, Korea and Russia not available; (2) Belgium, Luxembourg, Brunei Darussalam and Vietnam not available; (3) Norway and Switzerland are ASEM partners since 2012 Source: World Bank
Ratio of exports of goods relative to imports of goods of the ASEM regions, 1996 and 2014 (%)
EU-28 Norway and Switzerland (3) ASEAN NESAASEM
108
104
92
106
125
105
102
102
109
0 20 40 60 80 100 120 140
1996 (2)
2014 (1)
(1) Bangladesh, Cambodia, Lao PDR, Myanmar, Korea and Russia not available; (2) Belgium, Luxembourg; Brunei Darussalam and Vietnam not available; (3) Norway and Switzerland are ASEM partners since 2012 Source: World Bank
Shares of the ASEM regions in total world exports of goods, by enlargement round (1) (%)
Share of each ASEM region in total ASEM exports of goods, 2014 (1) (%)
1996 2004 2008 2010 2012 2014
EU-28 Norway and Switzerland (2) ASEAN NESA
0%
10%
20%
30%
40%
50%
60%
70%
80%
(1) 1996: Belgium, Luxembourg, Brunei Darussalam and Vietnam not available; 2004: Lao PDR and Myanmar not available; 2008: Brunei Darussalam, Lao PDR, Mongolia and Myanmar not available; 2010: Brunei Darussalam, Lao PDR and Mongolia not available; 2012: Lao PDR, Mongolia, Myanmar and Bangladesh not available; 2014: Bangladesh, Cambodia, Lao PDR, Myanmar, Korea and Russia not available;
(2) Norway and Switzerland are ASEM partners since 2012.Source: World Bank
ASEAN10%
4%Norway and Switzerland
NESA33%
EU-2853%
(¹) Bangladesh, Cambodia, Lao PDR, Myanmar, Korea and Russia not availableSource: World Bank
Shares of the Top 5 countries in total ASEM exports of goods, 2014 (1) (%)
Exports of goods from European ASEM partners to Asian ASEM partners, by SITC section, 2014 (billion EUR)
(1) Bangladesh, Cambodia, Lao PDR, Myanmar, Korea and Russia not availableSource: World Bank
China21%
Germany13%
Japan6%
Netherlands5%France
5%
Other ASEMpartners
50%
0 50 100 150 200 250 300
Food and live animals
Beverages and tobacco
Crude materials, except fuels
Energy products (1)
Oils, fats and waxes
Chemicals
Manuf'd goods classi�ed by material
Machinery and vehicles
Miscellaneous manuf'd articles
Products not clasi�ed elsewhere
91
25
8
17
11
1
60
269
64
43
(1) Energy data for Lao PDR not availableSource: Eurostat (online data codes: DS-018995 and DS-043227)
Shares of the ASEM regions in total world imports of goods, by enlargement rounds (1) (%)
ASEAN10%
3%Norway and Switzerland
NESA33%
EU-2854%
Share of each ASEM region in total ASEM imports of goods, 2014 (1)
1996 2004 2008 2010 2012 2014
EU-28 Norway and Switzerland (2) ASEAN NESA
0%
10%
20%
30%
40%
50%
60%
70%
80%
(1) Bangladesh, Cambodia, Lao PDR, Myanmar, Korea and Russia not availableSource: World Bank
(1) 1996: Belgium, Luxembourg, Brunei Darussalam and Vietnam not available; 2004: Lao PDR and Myanmar not available; 2008: Brunei Darussalam, Lao PDR, Mongolia and Myanmar not available; 2010: Brunei Darussalam, Lao PDR and Mongolia not available; 2012: Lao PDR, Mongolia, Myanmar and Bangladesh not available; 2014: Bangladesh, Cambodia, Lao PDR, Myanmar, Korea and Russia not available;
(2) Norway and Switzerland are ASEM partners since 2012.Source: World Bank
c o m p a c t g u i d e s
Asia-Europe Meeting (ASEM)For information on the Asia-Europe Meeting:
ASEM Infoboard: http://www.aseminfoboard.org
This project is funded by the European Union
The future of
(ASEM)the Asia-Europe Meeting
Looking ahead into ASEM’s third decade
The future of the Asia-Europe Meeting (ASEM): Looking ahead into ASEM’s third decade
ASEM At 20
Autumn 2015
the challenge of connectivity
Media partnerWith the support of
ASEM at 20: The challenge of connectivity
Eurostat cooperation resourcesFor information on Eurostat’s statistical cooperation activities: http://ec.europa.eu/eurostat/web/international-statistical-cooperation/overview
E-mail: [email protected]
See ‘Statistics explained’ for further insight into Eurostat’s international cooperation activities: http://ec.europa.eu/eurostat/statistics-explained/index.php/Non-EU_countries
See in particular the article ‘Asia-Europe Meeting (ASEM) - a statistical portrait - key facts’http://ec.europa.eu/eurostat/statistics-explained/index.php/Asia-Europe_Meeting_%28ASEM%29_-_a_statistical_portrait_-_key_facts
See alsoEuropean External Action Service (EEAS): http://eeas.europa.eu
s t a t i s t i c a l b o o k s
Asia-Europe meeting (ASEM)
A stAtisticAl portrAit 2016 edition
Asia-Europe Meeting A statistical portrait
2016 edition
Compact guides
Snapshot A user-friendly tool to assess the strengths and weaknesses of National Statistical Systems
Snapshot A user-friendly tool to assess National Statistical Systems
Essential SNA: Building the basics
ISSN 2315-0815
2014 edition
Essential SNA: Building the basics
2014 edition
Guide to statistics in European Commission development cooperation 2013 edition
ISBN 978-92-79-58768-9 doi:10.2785/654937
Ks-01-16-542-eN-N
© European Union, 2016 Cover: © shutterstock.com