USA dethrones China as ASEAN's leading export destination
According to the latest Asian countries import export data , the USA has emerged as the biggest trading partner with ASEAN (Association of Southeast Asian Nations). These include Burma, Brunei, Philippines, Vietnam, Singapore, Malaysia, Indonesia, Thailand, Cambodia, Laos and Brunei. As per the latest US import data of 2024, the imports from ASEAN countries were estimated to be $67 billion exceeding Chinese imports which were $55 billion in the first quarter of 2024. USA was the leading destination for ASEAN countries semiconductors and electrical equipment. Machine parts, furniture, rubber items and computers were the key imports of the USA from ASEAN nations. Among ASEAN nations, Malaysia has shown rapid growth in exports to the United States with an increase of 8%. On the other hand, Chinese exports to Malaysia declined to 3.2%. US bill of lading database suggests that around $35 billion worth of imports from Malaysia recorded in FY 2023. These were m...