Global trade growth was weak during 2014, mainly due to geopolitical tensions and deteriorating economic fundamentals. EU imports from ASEAN recovered after falling in 2013 and ended 2014 up about 4% y/y, although EU exports to ASEAN were down 2%. EU imports increased on the back of the European economic recovery. Subdued economic growth in ASEAN increased uncertainty and led to lower imports from the EU.
Standard Chartered notes, ASEAN exports to China and the US also rose in 2014 versus 2013 - exports to China were up 1%, while exports to the US were up 7%. Exports to Japan, in contrast, were down 2%. ASEAN imports from the US and Japan were also lower in 2014, by 2% and 6.6%, respectively.
