Asean ranks fourth in US import source

By SHYAFIQ DZULKIFLI

PETALING JAYA: Asean was ranked as the fourth-largest source of American imports, with the region supplying US$358.56bil worth of goods to the United States in 2024, according to the International Trade Centre (ITC).

Data from the ITC’s Trade Map showed that exports from Asean made up 10.67% of the United States’ total import value of US$3.36 trillion last year. 

Mexico topped the list as the largest source of US imports at US$509.99bil, followed by China (US$462.64bil) and Canada (US$422.17bil).
Vietnam was Asean’s largest exporter to the US, delivering goods valued at US$142.48 bil. 

Thailand followed with US$66.01bil, while Malaysia came in third with US$53.85bil in exports.

The most in-demand products from Asean included electrical machinery and equipment (US$109.13bil), industrial machinery and mechanical components (US$62.92bil), and furniture-related products like bedding and cushions (US$20.99bil).

Malaysia’s export to the US were heavily concentrated in electronics. Electrical machinery and equipment made up US$28.43bil, or 52% of total Malaysian exports to America.

A key component of this was electronic integrated circuits, including processors, memory chips, controllers, and amplifiers, were the top products, with exports worth US$9.6bil.

According to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, the United States was Malaysia’s third-largest trading partner in 2024.

As reported by The Star on February 6, Malaysia exported RM198.6 billion worth of goods to the US, representing 13.2% of its total exports.

Despite the strong trade volume, the US incurred a significant trade deficit with Asean last year, recording a negative balance of US$227.63bil, according to the US Census Bureau.

The United States recorded its largest trade deficit with Vietnam at US$123.46bil, followed by Thailand at US$45.61bil and Malaysia at US$24.83bil.

Among the 10 Asean member states, only Singapore recorded a trade surplus in favour of the US, at US$2.83bil.

Figures reported by the ITC Trade Map, the US Census Bureau, and Malaysia’s Ministry of Investment, Trade and Industry (MITI) differ slightly, but all point to strong trade volumes between Malaysia and the US.

The US-Asean trade dynamics came under renewed pressure following a sweeping tariff policy announced by President Donald Trump on April 2.

The new rules imposed a baseline 10% tariff on all imports into the United States, with significantly higher rates applied to selected countries.

Among Asean members, Cambodia faced a 49% tariff, followed by Laos (48%), Vietnam (46%), Myanmar (44%), Thailand (36%), Indonesia (32%), Brunei (24%), and Malaysia also at 24%.

The Philippines faced a 17% rate, while Singapore was only subject to the 10% base tariff.

On April 9, Trump announced a 90-day pause on the tariffs for most countries after markets reacted negatively.

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