Globalization. Snapshots. Key trends. 212 Key Indicators for Asia and the Pacific 2014

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1 212 Key Indicators for Asia and the Pacific 2014 Snapshots The Asia and Pacific region accounted for about one-third of the world s merchandise exports in 2013, up from about one-quarter in At the same time, merchandise exports contracted in 2013 for the first time since Intraregional trade comprised the majority of the region s exports and imports in The share of gross domestic product generated by migrant workers remittances has increased in two-thirds of the region s economies since More than 65% of the region s economies recorded current account deficits in External debt as a percentage of gross national income fell in about 60% of reporting economies between 2000 and Key trends The region accounted for about one-third of global merchandise exports in 2013, up from about one-quarter in The People s Republic of China (PRC) was the biggest Asian exporter in 2013, with a 35.0% share of total regional exports, followed by Japan (11.3%) and the Republic of Korea (8.9%) (Figure 4.1). Merchandise exports contracted in 2013 for the first time since The continued sluggish performance of the major industrial economies and growth of 7.7% (relative to an annual average growth of 11% per annum over ) for the second consecutive year in the region s biggest economy, the PRC, negatively affected Asia s merchandise trade. The value of total merchandise exports from developing economies contracted 5.0% in 2013 after 3 consecutive years of expansion, including 12.3% growth in Exports declined in nearly half the region s economies last year and decelerated in onethird of the rest (Figure 4.2). In the PRC, export growth slowed to 7.8% in 2013 from 7.9% in On the other hand, major developing economy exporters India, the Republic of Korea, Malaysia, and Singapore all reported growth in merchandise exports in 2013 after posting declines in the previous year. Figure 4.1: Shares in Total World Exports, Regions of the World; and Major Exporters in the Asia and Pacific Region, 2013 South America 3.6 Middle East 6.8 Africa 2.9 Rest of the World 3.8 Asia and the Pacific 32.4 Others 31.1 China, People's Rep. of 35.0 North and Central America 13.2 Europe 37.2 Singapore 6.5 Hong Kong, China 7.3 Korea, Rep. of 8.9 Japan 11.3 Sources: Direction of Trade Statistics CD-ROM (IMF 2014) and Table 4.13.

2 213 Figure 4.2: Growth Rates of Merchandise Exports, 2012 and 2013 (%) Vanuatu Azerbaijan Samoa Nauru Tajikistan Bhutan Brunei Darussalam Papua New Guinea Solomon Islands Japan Nepal Turkmenistan Kazakhstan Indonesia Mongolia Australia Thailand Palau Lao PDR Tuvalu Singapore Malaysia Taipei,China Korea, Rep. of Pakistan Timor-Leste Armenia Hong Kong, China Kyrgyz Republic Maldives New Zealand India Sri Lanka PRC Afghanistan Philippines Viet Nam Cambodia Bangladesh Georgia Cook Islands Lao PDR = Lao People s Democratic Republic, PRC = People s Republic of China. Source: Table 4.9. Merchandise import growth slowed to 2.2% in 2013 from 3.3% in 2012, following more than a decade of double-digit growth that was interrupted only in 2009 by the Global Financial Crisis (Table 4.11). Factors behind the slowdown in merchandise import growth include weakness in exports as many of the region s manufactured exports require imported materials and components and soft prices for most global commodities. Merchandise import growth decelerated or was negative in 2013 in 30 of the 42 economies for which data are available. The region s share of global merchandise imports was 32.9% in 2013 (Table 4.13). Merchandise trade (exports plus imports) was equivalent to more than 100% of gross domestic product (GDP) in nine regional economies in The region s two most open economies Singapore and Hong Kong, China topped the list in this regard, with the sum of their merchandise exports and imports equal to 262.9% and 358.5% of GDP, respectively (Table 4.12). Other economies in which trade exceeded 100% of GDP were Cambodia; the Kyrgyz Republic; Malaysia; Solomon Islands; Taipei,China; Thailand; and Viet Nam. The trade-to- GDP ratio for the 34 developing Asian economies for which 2013 data are available was 61.6%. Intraregional trade comprised the majority of the region s exports and imports in Figure 4.3 shows the destination of Asia and Pacific exports by region. The share of intraregional exports climbed from 40.8% in 1990 to 57.1% in 2013 due to robust economic growth and expanding regional production networks, many of which have been established to manufacture products for sale in the major industrial countries. Even as Europe and North and Central America continue to receive manufactured products from Asia and the Pacific, only 30.1% of the region s exports went to Europe and North and Central America in 2013 compared with 47.7% in With regard to merchandise imports, the primary source for Asia and Pacific economies in 2013 was the region itself with a 50.5% share of the Regional Trends and Tables

3 214 Key Indicators for Asia and the Pacific 2014 Figure 4.3: Destination of Merchandise Exports from the Asia and Pacific Region, 2013 (%) South America 2.4 West Asia 4.9 North and Central America 15.5 Europe 14.5 Sources: Table Africa 2.7 Rest of the World 2.9 Asia and the Pacific 57.1 Figure 4.4: Growth Rates of Services Exports, 2012 and 2013 (%) PRC Pakistan Azerbaijan Korea, Rep. of Australia New Zealand Japan Singapore Malaysia Philippines Hong Kong, China total, followed by Europe (15.3%), West Asia (11.7%), and North and Central America (8.6%) (Table 4.14). Services are driving export growth in some economies. Singapore and Hong Kong, China are centers of trade and finance, while tourism plays an important role in many of the region s economies. Figure 4.4 shows the 19 economies in the region with the highest ratios of services exports to GDP. Among this group, 14 economies experienced growth in services exports in 2013, even as GDP growth slowed in five of these 14 economies. Meanwhile, in Azerbaijan, the PRC, and Pakistan, rapid growth in services exports in 2012 turned into significant contractions in The share of GDP generated by migrant workers remittances has increased in two-thirds of the region s economies since Remittances increased in relation to GDP in two-thirds of Asia and Pacific economies and in all five of the most populous economies between 2000 and 2013 (Table 4.5). Remittances were equivalent to at least 6.0% of GDP in 11 out of the 30 economies for which 2013 data are available, up from 27 economies in These inflows support family incomes, bolster consumption, and contribute significantly to national current account balances. Figure 4.5 presents the region s top 10 economies in terms of remittances as a share of GDP, with very large increases in six Kazakhstan Viet Nam Armenia Georgia Thailand Bhutan Sri Lanka Nepal PRC = People s Republic of China. Source: International Financial Statistics (IMF 2014). Figure 4.5: Top 10 Economies of Asia and Pacific in Terms of Workers Remittances as a Percentage of GDP, 2000 (or Nearest Year) and Tajikistan Kyrgyz Republic Nepal Armenia Samoa Georgia 2000 (or Nearest Year) GDP = gross domestic product. Sources: Table 4.5; economy sources. Sri Lanka Philippines Bangladesh 2013 Pakistan

4 215 of these economies between 2000 and The economy most heavily dependent on remittances was once again Tajikistan, which has topped the list since 2006 as the result of a significant number of its workers seeking employment in the Russian Federation. Several other former Soviet republics Armenia, Georgia, the Kyrgyz Republic were also among the top 10. Among the region s developing economies, growth in remittances in United States (US) dollar terms decelerated to 4.0% in 2013 from 5.9% in 2012 (Table 4.4). Among the 10 economies most reliant upon remittances, growth in remittances slowed in six (the Kyrgyz Republic, Nepal, Pakistan, the Philippines, Sri Lanka, and Tajikistan), accelerated in two (Armenia and Georgia) in 2013, and was negative in two (Bangladesh and Samoa). Prior to the decline in remittances in 2013, Bangladesh had enjoyed years of rising remittances resulting from better financial services that facilitated the transactions of an increasing number of workers seeking employment abroad. More than 65% of the region s economies recorded current account deficits in 2012 and In Figure 4.6, bars to the right of the center line represent current account surpluses and bars to the left signal deficits. Averaging the current account outcomes for 2012 and 2013 shows that 27 of 44 economies for which data are available had current account deficits over the 2-year period. Mongolia reported the biggest deficit relative to the size of its economy at 30.1% of GDP. Seventeen economies reported current account surpluses, with oil and gas exporters Brunei Darussalam and Timor-Leste having the largest current account surpluses at 42.9% and 39.3% of GDP, respectively. Among the region s largest economies, the PRC s current account surplus declined from 10.1% of GDP in 2007, prior to the Global Financial Crisis, to 2.3% in , reflecting progress in external rebalancing. Indonesia reported a current account Figure 4.6: Current Account Balance as a Percentage of GDP (average of last 2 years) Brunei Darussalam Timor-Leste Azerbaijan Singapore Taipei,China Korea, Rep. of Malaysia Nepal Uzbekistan Philippines PRC Hong Kong, China Afghanistan Bangladesh Viet Nam Kazakhstan Turkmenistan Thailand Myanmar Pakistan Tajikistan Indonesia India Australia Fiji Lao PDR Solomon Islands Vanuatu Sri Lanka Palau Samoa Tuvalu Marshall Islands Tonga Georgia Cambodia FSM Armenia Maldives Kiribati Papua New Guinea Bhutan Kyrgyz Republic Mongolia FSM = Federated States of Micronesia, GDP = gross domestic product, Lao PDR = Lao People s Democratic Republic, PRC = People s Republic of China. Source: Table 4.3. Regional Trends and Tables

5 216 Key Indicators for Asia and the Pacific 2014 deficit for the second year in a row in 2013, the first time this occurred since India s trade balance narrowed in 2013 due to declining imports. As a result, India s current account deficit shrank to 1.7% in 2013 from 4.6% a year earlier to produce a 2-year average of 3.2%. After 2 consecutive years of deficits, Bangladesh s current account reverted to a surplus position of 1.9% in 2013 to produce a 2-year average of 0.8%. In Mongolia, the current account deficit was driven by foreign direct investment plunging more than 50.0% due to changes in its investment law, moderating growth in the PRC, and the completion of the first phase of a major mining project. In the Kyrgyz Republic, the current account deficit narrowed due to improved gold production and lower prices for food and fuel imports though the 2-year average was still the second-highest in the region. 28 Figure 4.7 shows the top 10 economies in terms of tourism receipts as a percentage of GDP. The Maldives and Pacific island economies filled the first six spots. In terms of numbers of inbound Figure 4.7: Top 10 Asia and Pacific Economies Tourism Receipts as Share of GDP (average of latest 3 years) Maldives Palau Cook Islands Vanuatu Fiji Samoa Cambodia Hong Kong, China Solomon Islands Georgia GDP = gross domestic product. Source: Table 4.24; GDP and exchange rate data from Key Indicators 2014 country tables. tourists in 2013, the top three economies were the PRC (55.7 million), Thailand (26.5 million), and Malaysia (25.7 million) (Table 4.23). Pacific economies comprised eight of the top 10 net official flows as share of GDP in Figure 4.8 shows net official flows long-term public and publicly guaranteed debt from official creditors and grants, including technical cooperation grants to the region s economies as a share of GDP in Official flows comprised at least 20.0% of GDP in seven Pacific economies. Indonesia, Malaysia, and Myanmar had negative net flows in 2012, signifying that the repayment of loans exceeded new inflows. Net private capital flows in the region rose 10.8% year over year to $545.8 billion in 2012; however, nearly 60.0% of the region s economies experienced moderating flows. Large increases in net flows the sum of net foreign investment, portfolio equity flows, net flows of long-term public and publicly guaranteed debt from private creditors, and net flows of total private nonguaranteed debt in India ($24.0 billion), Thailand ($15.7 billion), Indonesia ($8.7 billion), Kazakhstan ($6.0 billion), and Papua New Guinea ($3.7 billion) more than offset moderating flows in other economies (Table 4.17). Figure 4.9 shows net private flows into the region s economies as a percentage of GDP. In both Mongolia and Papua New Guinea, net inflows exceeded 60.0% of GDP. These flows mainly supported large mining projects in Mongolia and mining and petroleum extraction in Papua New Guinea. While net private inflows to the PRC declined by the single largest amount in the region in nominal terms ($11.2 billion), net private flows represented less than 4.0% of the PRC s GDP. 28 Asian Development Bank (ADB) Asian Development Outlook 2014: Fiscal Policy for Inclusive Growth. Manila: ADB.

6 217 Figure 4.8: Net Official Flows as Share of GDP, 2012 (%) Tuvalu Marshall Islands Solomon Islands Kiribati FSM Afghanistan Nauru Bhutan Samoa Tonga Vanuatu Kyrgyz Republic Cambodia Cook Islands Palau Fiji Georgia Maldives Tajikistan Papua New Guinea Timor-Leste Nepal Armenia Lao PDR Mongolia Sri Lanka Viet Nam Bangladesh Azerbaijan Pakistan Uzbekistan Kazakhstan Philippines India Turkmenistan Thailand PRC Indonesia Malaysia Myanmar Figure 4.9: Net Private Flows as Share of GDP, 2012 (%) Mongolia Papua New Guinea Georgia Kazakhstan Maldives Cambodia Armenia Kyrgyz Republic Palau Turkmenistan Fiji Azerbaijan Thailand Lao PDR Viet Nam Solomon Islands Malaysia Indonesia Tajikistan Brunei Darussalam Vanuatu India PRC Samoa Philippines Sri Lanka Myanmar Uzbekistan Tonga FSM Bangladesh Nepal Pakistan Bhutan Kiribati Timor-Leste Afghanistan Tuvalu Cook Islands Regional Trends and Tables FSM = Federated States of Micronesia, GDP = gross domestic product, Lao PDR = Lao People s Democratic Republic, PRC = People s Republic of China. Sources: Table 4.16; GDP and exchange rate data from Key Indicators 2014 country tables. FSM = Federated States of Micronesia, GDP = gross domestic product, Lao PDR = Lao People s Democratic Republic, PRC = People s Republic of China. Sources: Table 4.17; GDP and exchange rate data from Key Indicators 2014 country tables.

7 218 Key Indicators for Asia and the Pacific 2014 External debt as a percentage of gross national income (GNI) fell in about 60.0% of reporting economies between 2000 and Figure 4.10 shows external debt as a share of GNI for the region s economies in Most had an external debt level well below 50.0%. Only Papua New Guinea and Hong Kong, China had debt exceeding 100% of GNI. Hong Kong, China s role as an international financial center is the reason behind its exceedingly high external debt level. In Papua New Guinea, external debt soared to 153.9% of GNI in 2012 from 64.4% in 2010, largely driven by financing for construction of a $20 billion liquefied natural gas project. 29 Debt service ratios total debt service payments as a percentage of total exports of goods, services, and income declined between 2000 and the latest year in almost 70.0% of the economies for which data are available (Table 4.22). Data issues and comparability Most of the international transactions in this section are taken from balance-of-payments statistics. Countries follow International Monetary Fund guidelines when compiling these statistics and meet regularly to discuss methodology, but many countries have difficulty accurately recording nonofficial transactions such as migrant workers remittances and private capital flows, which is one of the reasons that the Balance of Payments Manual was updated to the 6th edition (BPM6). Analysis for this section was based on the balance-of-payments data as reported by the economies. A majority of countries use BPM5, some have shifted to BPM6, and a few continue to use BPM4. This affects the comparability of data across economies. International tourist arrivals and receipts data come from the World Tourism Organization, which serves as a global forum for tourism policy issues and a practical source of information on this topic. Figure 4.10: External Debt as Share of GNI, 2012 (%) Hong Kong, China Papua New Guinea Kyrgyz Republic Bhutan Georgia Kazakhstan Lao PDR Armenia Samoa FSM Marshall Islands Maldives Mongolia Tajikistan Vanuatu Viet Nam Sri Lanka Cambodia Tonga Thailand Tuvalu Malaysia Korea, Rep. of Solomon Islands Indonesia Palau Taipei,China Pakistan Philippines India Bangladesh Cook Islands Nepal Kiribati Fiji Uzbekistan Azerbaijan PRC Turkmenistan FSM = Federated States of Micronesia, GNI = gross national income, Lao PDR = Lao People s Democratic Republic, PRC = People s Republic of China. Source: Table Ibid.

8 Balance of Payments 219 Table 4.1: Trade in Goods Balance (% of GDP) Regional Member Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor Leste Tonga Tuvalu Vanuatu Developed Member Economies Australia Japan New Zealand = data not available at cutoff date, GDP = gross domestic product, Lao PDR = Lao People s Democratic Republic. Source: Economy sources.

9 220 Key Indicators for Asia and the Pacific 2014 Balance of Payments Table 4.2: Trade in Services Balance (% of GDP) Regional Member Afghanistan a Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan b Uzbekistan b China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan c India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands d Micronesia, Fed. States of a Nauru Palau a Papua New Guinea Samoa Solomon Islands Timor Leste e Tonga Tuvalu a Vanuatu Developed Member Economies Australia Japan New Zealand = data not available at cutoff date, 0.0 = magnitude is less than half of the unit employed, GDP = gross domestic product, Lao PDR = Lao People s Democratic Republic. a Includes income. b Includes other goods and income. Applicable starting 2005 for Uzbekistan. c Prior to 2000, services, income, and transfer receipts and payments were grouped as service transfer receipts and service transfer payments. d Includes other goods and income. e GDP estimates refer to non oil GDP. Before 2002, estimates include the value added of United Nations activities. Sources: International Monetary Fund. (accessed 15 July 2014); economy sources.

10 Balance of Payments 221 Table 4.3: Current Account Balance (% of GDP) Regional Member Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor Leste Tonga Tuvalu Vanuatu Developed Member Economies Australia Japan New Zealand = data not available at cutoff date, 0.0 = magnitude is less than half of the unit employed, GDP = gross domestic product, Lao PDR = Lao People s Democratic Republic. Source: Economy sources.

11 222 Key Indicators for Asia and the Pacific 2014 Balance of Payments Table 4.4: Workers Remittances and Compensation of Employees, Receipts ($ million) Regional Member Afghanistan Armenia , ,994 2,123 2,436 Azerbaijan ,268 1,518 1,255 1,410 1,893 1,990 2,194 Georgia ,065 1,112 1,184 1,547 1,770 2,056 Kazakhstan Kyrgyz Republic , ,266 1,709 2,031 2,290 Pakistan 2,006 1,712 1,075 4,280 5,121 5,998 7,039 8,717 9,690 12,263 14,006 14,626 Tajikistan ,019 1,691 2,544 1,748 2,306 3,060 3,626 3,960 Turkmenistan Uzbekistan China, People s Rep. of ,822 23,626 27,565 38,395 47,743 41,600 52,460 61,576 57,987 60,000 Hong Kong, China Korea, Rep. of 2,413 3,491 4,858 6,505 6,054 6,599 9,074 7,278 7,058 8,373 8,474 8,765 Mongolia Taipei,China Bangladesh 779 1,202 1,968 4,315 5,428 6,562 8,941 10,521 10,850 12,071 14,120 13,776 Bhutan India 2,384 6,223 12,883 22,125 28,334 37,217 49,977 49,204 53,480 62,499 68,821 69,969 Maldives Nepal ,212 1,453 1,734 2,727 2,985 3, ,793 5,210 Sri Lanka ,166 1,976 2,167 2,507 2,925 3,337 4,123 5,153 6,000 6,690 Brunei Darussalam Cambodia Indonesia ,190 5,420 5,722 6,174 6,794 6,793 6,916 6,924 7,212 7,614 Lao PDR Malaysia ,117 1,365 1,556 1,329 1,131 1,103 1,211 1,320 1,443 Myanmar Philippines 1,465 5,360 6,961 13,561 15,239 16,285 18,628 19,726 21,369 23,058 24,641 25,351 Singapore Thailand 973 1,695 1,697 1,187 1,333 1,635 1,898 2,776 3,580 4,554 4,713 5,555 Viet Nam ,340 3,150 3,800 6,180 6,805 6,020 8,260 8,600 10,000 11,000 Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor Leste Tonga Tuvalu Vanuatu Developed Member Economies Australia 2,370 1,651 1, ,015 1,342 1,526 1,335 1,587 1,846 2,006 2,186 Japan... 1,151 1, ,177 1,384 1,732 1,595 1,684 2,132 2,540 2,651 New Zealand 762 1, DEVELOPING MEMBER ECONOMIES a 11,094 22,760 39,687 92, , , , , , , , ,144 REGIONAL MEMBERS a 14,226 27,214 43,201 94, , , , , , , , ,981 WORLD 64,109 98, , , , , , , , , , , = data not available at cutoff date, Lao PDR = Lao People s Democratic Republic. a For reporting economies only. Sources: World Bank. (accessed 16 June 2014); for Taipei,China: economy sources.

12 Balance of Payments 223 Table 4.5: Workers Remittances and Compensation of Employees, Receipts (% of GDP) Regional Member Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor Leste Tonga Tuvalu Vanuatu Developed Member Economies Australia Japan New Zealand DEVELOPING MEMBER ECONOMIES a REGIONAL MEMBERS a = data not available at cutoff date, 0.0 = magnitude is less than half of the unit employed, Lao PDR = Lao People s Democratic Republic. a For reporting economies only. Sources: World Bank. (accessed 16 June 2014); for Taipei,China: economy sources.

13 224 Key Indicators for Asia and the Pacific 2014 Balance of Payments Table 4.6: Foreign Direct Investment, Net Inflows ($ million) Regional Member Afghanistan Armenia Azerbaijan ,476 4,486 4,594 3,987 2,900 3,353 4,485 5,293 2,619 Georgia , , ,015 Kazakhstan ,283 2,546 7,611 11,973 16,819 14,276 7,456 13,760 13,785 9,739 Kyrgyz Republic Pakistan ,201 4,273 5,590 5,438 2,338 2,018 1, ,307 Tajikistan Turkmenistan ,277 4,553 3,631 3,399 3, Uzbekistan ,628 1,467 1, China, People s Rep. of 3,487 35,849 38, , , , , , , , , ,849 Hong Kong, China ,924 40,963 44,902 62,121 67,035 54,276 82,709 96,135 74,887 76,639 Korea, Rep. of 789 1,776 9,283 6,309 3,586 1,784 3,311 2,249 1,094 4,837 4, Mongolia ,691 4,715 4, Taipei,China 3,913 1,559 4,928 1,625 7,424 7,769 5,432 2,805 2, ,207 3,688 Bangladesh , ,138 1, Bhutan India 0 2,144 3,584 7,606 20,336 25,483 43,406 35,581 27,397 36,499 23, Maldives Nepal Sri Lanka Brunei Darussalam a Cambodia , Indonesia 1,093 4,346 4,550 8,336 4,914 6,928 9,318 4,877 13,771 19,241 19, Lao PDR Malaysia 2,332 4,178 3,788 3,925 7,691 9,071 7, ,886 15,119 9,734 11,583 Myanmar , ,001 2, Philippines 530 1,478 2,240 1,664 2,707 2,919 1,340 2,065 1,070 2,007 3,215 3,860 Singapore 5,575 11,535 16,484 18,090 36,924 47,733 12,201 23,821 55,076 50,368 61,160 63,772 Thailand 2,444 2,068 3,366 8,055 9,455 11,327 8,538 4,854 9,104 3,868 10,692 12,833 Viet Nam 180 1,780 1,298 1,954 2,400 6,700 9,579 7,600 8,000 7,430 8,368 8,900 Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor Leste Tonga Tuvalu Vanuatu Developed Member Economies Australia 8,111 12,026 13,618 25,093 30,551 44,440 45,160 28,683 36,193 65,432 55,673 49,396 Japan 1, ,227 4,324 4,623 22,913 29,361 15,481 1, ,525 3,715 New Zealand 1,735 3,316 3,841 1,696 5,257 1,861 4, ,064 2,209 1,005 DEVELOPING MEMBER ECONOMIES a 13,254 70, , , , , , , , , , ,184 REGIONAL MEMBERS a 24,878 85, , , , , , , , , , , = data not available at cutoff date, 0 = magnitude is less than half of unit employed, Lao PDR = Lao People s Democratic Republic. a For reporting economies only. Sources: International Monetary Fund. (accessed 16 June 2014); for Taipei,China: economy sources.

14 Balance of Payments 225 Table 4.7: Foreign Direct Investment, Net Inflows (% of GDP) Regional Member Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor Leste Tonga Tuvalu Vanuatu Developed Member Economies Australia Japan New Zealand DEVELOPING MEMBER ECONOMIES a REGIONAL MEMBERS a = data not available at cutoff date, 0.0 = magnitude is less than half of the unit employed, GDP = gross domestic product, Lao PDR = Lao People s Democratic Republic. a For reporting economies only. Sources: International Monetary Fund. (accessed 16 June 2014); economy sources.

15 226 Key Indicators for Asia and the Pacific 2014 External Trade Table 4.8: Merchandise Exports ($ million) Regional Member b 5,346 21,288 26,714 64,110 85, , , , , , , ,640 Afghanistan Armenia ,152 1, ,041 1,334 1,428 1,480 Azerbaijan ,745 7,649 13,015 21,269 30,586 21,097 26,476 34,495 32,634 23,811 Georgia ,232 1,495 1,134 1,677 2,189 2,378 2,909 Kazakhstan... 5,250 8,812 27,849 38,250 47,755 71,184 43,196 60,271 84,336 86,449 82,512 Kyrgyz Republic ,321 1,856 1,673 1,756 2,242 1,928 2,020 Pakistan 4,960 7,972 8,335 14,453 16,468 17,107 17,642 17,202 19,261 24,917 22,797 23,383 Tajikistan ,399 1,468 1,409 1,010 1,195 1,257 1,359 1,163 Turkmenistan 151 2,084 2,508 4,944 7,156 8,932 11,945 9,323 9,679 16,751 19,987 18,847 Uzbekistan... 3,720 3,265 5,409 6,390 8,992 11,493 11,771 13,023 15,027 14, b 276, , ,319 1,534,929 1,836,562 2,184,646 2,471,938 2,088,504 2,710,770 3,193,961 3,344,441 3,536,236 China, People s Rep. of 62, , , , ,969 1,220,460 1,430,690 1,201,610 1,577,800 1,898,380 2,048,900 2,209,630 Hong Kong, China 82, , , , , , , , , , , ,959 Korea, Rep. of 65, , , , , , , , , , , ,632 Mongolia ,064 1,542 1,948 2,535 1,885 2,909 4,818 4,385 4,269 Taipei,China 67, , , , , , , , , , , ,745 b 22,226 40,392 56, , , , , , , , , ,947 Bangladesh 1,415 3,260 4,780 8,259 10,264 12,211 14,111 15,526 16,099 22,061 23,508 27,619 Bhutan India 18,601 32,798 45, , , , , , , , , ,251 Maldives Nepal Sri Lanka 1,913 3,807 5,456 6,351 6,896 7,645 8,109 7,081 8,618 10,560 9,761 10,413 b 144, , , , , , , ,177 1,047,391 1,234,830 1,250,080 1,266,455 Brunei Darussalam 2,237 2,392 3,906 6,247 7,626 7,668 10,543 7,174 8,887 12,464 12,980 11,432 Cambodia ,397 2,908 3,692 3,248 3,493 3,148 3,939 5,035 5,633 6,530 Indonesia 25,675 45,418 62,124 85, , , , , , , , ,552 Lao PDR ,092 1,053 1,746 2,190 2,271 2,264 Malaysia 29,445 73,865 98, , , , , , , , , ,447 Myanmar ,961 3,558 5,233 6,402 6,779 7,587 8,861 9,136 8,977 11,204 Philippines 8,186 17,447 38,078 41,255 47,410 50,466 49,078 38,436 51,498 48,305 52,100 56,698 Singapore a 52, , , , , , , , , , , ,286 Thailand 23,053 56,444 69, , , , , , , , , ,908 Viet Nam 2,404 5,449 14,483 32,447 39,826 48,561 62,685 57,096 72,237 96, , ,135 b 1,968 3,631 2,829 4,293 5,212 5,856 7,259 5,392 7,033 8,685 8,377 6,293 Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea 1,175 2,672 2,089 3,311 4,197 4,741 5,798 4,384 5,737 6,907 6,323 5,576 Samoa Solomon Islands Timor Leste Tonga Tuvalu Vanuatu Developed Member Economies b 335, , , ,605 7,927,75 880,539 1,000, ,009 1,011,217 1,128,938 1,092,790 1,007,282 Australia 39,726 53,127 63, , , , , , , , , ,916 Japan 286, , , , , , , , , , , ,931 New Zealand 9,402 13,641 13,292 21,698 22,459 26,867 30,153 24,781 31,365 37,685 37,321 39,434 DEVELOPING MEMBER ECONOMIES b 450, ,034 1,288,921 2,377,053 2,840,432 3,340,161 3,827,682 3,212,093 4,181,329 4,972,600 5,127,465 5,328,571 REGIONAL MEMBERS b 786,100 1,454,340 1,845,513 3,100,658 3,633,206 4,220,700 4,828,182 3,969,102 5,192,546 6,101,537 6,220,255 6,335, = data not available at cutoff date, 0 = magnitude is less than half of the unit employed, Lao PDR = Lao People s Democratic Republic. a Prior to 2003, data exclude Indonesia. b For reporting economies only. Sources: International Monetary Fund. (accessed 16 June 2014); economy sources.

16 External Trade 227 Table 4.9: Growth Rates of Merchandise Exports a (%) Regional Member Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore b Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor Leste Tonga Tuvalu Vanuatu Developed Member Economies Australia Japan New Zealand DEVELOPING MEMBER ECONOMIES c REGIONAL MEMBERS c = data not available at cutoff date, 0.0 = magnitude is less than half of the unit employed, Lao PDR = Lao People s Democratic Republic. a Rates are based on US dollar values of exports. b Prior to 2003, data exclude Indonesia. c For reporting economies only. Sources: International Monetary Fund. (accessed 16 June 2014); economy sources.