Southeast Asia’s merchandise and commercial service exports are likely to post slower growth this year from last year as global demand weakens, according to the ESCAP.
Indonesia’s government has made the development of the country’s special economic zones (SEZ) a priority policy with the aim of attracting over US$50 billion in foreign investment over the next decade, particularly for SEZ-oriented manufacturing.
Singapore handled the second-highest number of containers on record in 2022 to retain its position as the world’s largest transshipment port, even as global container trade declined.
A move by top palm oil exporter Indonesia to restrict shipments and boost domestic biodiesel consumption is set to squeeze global vegetable oil supplies already undercut by lower output in Southeast Asia and Latin America.
The Indonesian government has announced that it expects the value of exports to grow by 12.8% in 2023, much lower than the growth of 29.8% in 2022.
The Covid-19 pandemic and geopolitical tensions have disruptions global value chains. This has proven to be both a boon and bane for ASEAN.
Singapore and other Southeast Asian economies can continue to prosper even in a divided world if they succeed in striking a balanced relationship with major economic powers.
Malaysia aims to boost bilateral trade with neighboring Indonesia including cross-border investments in a number of key sectors.
<p>Time: 2024 By: Ministry of Industry and Trade</p>
