Technology products to dominate EU-ASEAN trade corridor

EU-ASEAN trade is fairly similar when looking at the broad goods categories. Manufactured goods make up around 60-70% of trade in both directions; chemicals (mostly pharmaceuticals) make up about 14% of EU exports to ASEAN and around 9% of imports, notes Standard Chartered. Food-related products make up about 8% in both directions. However, EU imports of raw materials from ASEAN are around 8% of its total imports, whereas EU's raw material exports to ASEAN are negligible.

At a more granular level, the composition of trade varies based on the competitive advantages of each country. In the manufactured goods category, for example, EU exports to ASEAN comprise heavy industry goods, such as cars, airplanes, medical equipment, and oil and gas equipment. EU imports from ASEAN comprise electronic equipment, such as microchips, computers and cell phones. The EU also imports significant quantities of apparel from ASEAN, mainly from Vietnam. Country-level trade patterns between EU countries are fairly uniform, but differ significantly between ASEAN countries. ASEAN trade is highest with the largest European economies (Germany, the UK, France, Italy) and the Netherlands, which is a transport hub.