East Asia Update - April 2017

Abstract

East Asian exports performed robustly in the first quarter of 2017 compared to the same period last year (Figure 1). East Asia’s export growth had two main drivers in Q1 2017. First, a significant oil and commodity prices increase benefited Southeast Asian countries with a high reliance on the primary commodity and its derivatives exports such as Indonesia, Malaysia, Singapore, and Thailand (Figure 2). Second, continuing robust economic activity in China and India in the first quarter of 2017, registering growth rates of 6.9% and 7.3%, respectively1. China’s growth in the first quarter of 2017 was driven by growth in activity of its manufacturing sector, which increased demand for raw materials, manufactured goods, and capital goods from other East Asian countries, resulting in doubledigit export growth of East Asian products to China (Figure 3).