ASEAN : economic indicators and trade with EU

Abstract

The economies of most ASEAN countries contracted due to the turmoil caused by the Covid-19 pandemic in 2020. Three of them, however, (Brunei, Myanmar/Burma and Vietnam) still managed to grow in terms of GDP, although at a much slower rate than in previous years. Despite the fact that the value of trade in goods declined by 10 % to €189 billion, the ASEAN countries remain an important partner for the EU, collectively representing 5 % of the EU’s overall trade in 2020, ranking in sixth place after China, USA, APEC members (other than ASEAN), the UK and Switzerland. At the same time the EU is the fourth biggest trade partner of the ASEAN group after China, other APEC members and the USA. Mechanical appliances, electrical equipment and agri-food make up half of the trade in goods between the two blocs, both for exports and on the import side.