ANNUAL FIGURES ON ASEAN TRADE 1993 - 1994
(Editor's Note: There are differences in the export and import figures reported by ASEAN Member Countries. Hence intra-regional export values differ from intra-regional import figures. There are a number of possible explanations for the discrepancy. First, customs valuation differ across Member Countries. Second, there may be inter-country differences in the degree of attention paid to the recording of trade transactions. In 1993, the discrepancy between intra-regional imports and exports of CEPT products reported by Member Countries was only about $ 2.5 billion (regional exports of $ 32.8 billion as against regional imports of $ 30.3 billion). This has however narrowed in 1994 to about $ 2.1 billion (regional exports of $ 49.8 billion as against regional imports of $ 42.7 billion).
Trade in CEPT Products
Table 8 shows the level of intra-regional exports of CEPT products by ASEAN Member Countries for 1993 and 1994. In 1993, total exports by the Member Countries to each other amounted to $ 32.8 billion. By 1994, the level of exports by Member Countries to each other was $ 49.8 billion representing an increase of nearly 52 percent. Table 9 shows the same flow of goods on the import side. In 1993, total imports by the Member Countries from each other amounted to $ 30.3 billion. By 1994, the level of imports by Member Countries from each other was $ 42.7 billion representing an increase of over 41 percent. Clearly, the implementation of the CEPT Scheme has contributed to expanding intra-regional trade.
Between 1993-94, imports by Singapore and Thailand grew the most; while during the same period exports from the Philippines and Singapore grew the most. Singapore's remarkable entrepot trade is reflected in the intra-regional trade flows. Among ASEAN Member Countries, Singapore continues to be the major exporter to the region with over 54.2 percent of intra-regional exports (see Figure 4). Malaysia is second to Singapore with about 26 percent of intra-regional exports. Again among ASEAN Member Countries, Singapore continues to be the major importer of ASEAN goods. Her imports in 1994 represents nearly 60.5 percent of total regional imports (see Figure 5).
Overall Trade
In 1994, trade in CEPT products was about $ 92.6 billion. In the same year intra-regional trade in all products, whether CEPT or non-CEPT, was 111.099 billion. This represents a 41% from the figure of $ 79.073 billion in 1993.
Table 10 shows the structure of ASEAN's trade with her major trading partners in 1994. Total ASEAN exports was a little over $ 265 billion while imports amounted to nearly $ 289 billion. ASEAN's biggest export market continues to be the US with the European Union coming in second and Japan a close third. ASEAN's major import sources are Japan, with the US coming in second and the European Union a close third. Overall ASEAN had a trade deficit of nearly $ 24 billion in 1994. While ASEAN enjoys a trade surplus with the US, she has a very large trade deficit with Japan at a little over 36 billion dollars.
In 1994, ASEAN's intra-regional trade (exports plus imports) accounted for a little over 20 percent of her total trade (see Figure 6). Japan comes in first (at 19 percent), followed closely by the US (at 17 percent) and the EU (at about 14 percent).
