Southeast Asia has emerged as a surprise beneficiary from global trade turmoil, with the region’s exports to the US growing at a faster pace than heavyweight rival China, according to a Lowy Institute analysis.
Exports from the Association of Southeast Asian Nations, which comprises 11 countries, to the US surged by 23% in September from a year earlier, led by Thailand and Vietnam, Lowy said in a report released Wednesday. By contrast, China’s share has declined.
While the effective US tariff rate on China has jumped to 31%, it’s only around 11% for many Asean countries, Lowy economists led by ...