Intra-ASEAN Trade Grows Faster than Extra-ASEAN Trade
Intra-ASEAN trade increased at a faster pace, with annual growth rate averaging 10.5%, as compared to either overall ASEAN trade (by 9.2%) or extra-ASEAN trade (by 8.9%) during the period 1993-2013. The share of intra-ASEAN trade in overall ASEAN trade has been on an increasing trend starting from 19.2% in 1993 to 22% in 2000 and 24.2% in 2013, and accounted for 25% of the region’s total GDP in 2013. ASEAN is a very important export market (with a share of 15% or higher) for most of the ASEAN Member States (AMSs), and a very important import supplier (with a share of 15% or higher) for all ten AMSs.