TRADE IN GOODS OF THE MEMBERS OF THE REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP
Abstract
The study focuses on the analysis of the dynamics of exports of goods, the dynamics of imports of goods, the dynamics of the balance of trade in goods, as well as the dynamics of foreign trade turnover of goods of China, Japan, South Korea, the Republic of Singapore, Australia, Vietnam, Malaysia, Thailand, Indonesia, the Philippines, New Zealand, Cambodia, Myanmar, Brunei, and the Lao People’s Democratic Republic over 2015-2023. The results of the calculations, based on the UNCTAD Handbooks of Statistics and the UNCTADstat Data Centre, show that the PRC increased both the share of merchandise exports and the share of merchandise imports in RCEP and in the world. The share of China’s merchandise exports grew: in RCEP – by 1.34% (from 47.22% to 48.56%), in the world – by 0.45% (from 13.74% to 14.19%). The share of China’s merchandise imports rose: in RCEP – by 1.38% (from 40.96% to 42.34%), in the world – by 0.41% (from 10.13% to 10.54%). In 2023, in terms of the trade surplus in goods China ranked first (USD 822690 mln) among the RCEP member states; Australia ranked second (USD 83872 mln); and Singapore ranked third (USD 52804 mln). The Republic of Singapore reduced both the share of merchandise exports (from 7.28% to 6.84%) and the share of merchandise imports (from 7.23% to 7.01%) in RCEP. The share of Japan’s exports of goods fell by 2.66% (from 12.97% to 10.31%) in RCEP, and by 0.77% (from 3.78% to 3.01%) in the world. The share of Japan’s imports of goods dropped by 2.78% (from 15.79% to 13.01%) in RCEP, and by 0.66% (from 3.9% to 3.24%) in the world. In 2023, among the RCEP countries, Japan had the largest deficit in foreign trade in goods (USD 68'535 mln); followed by the Philippines (USD 60'279 mln); South Korea (USD 10'346 mln), etc. On the one hand, the share of South Korea’s merchandise exports fell by 1.85% (from 10.93% to 9.08%) in RCEP, and by 0.53% (from 3.18% to 2.65%) in the world; on the other hand, the share of South Korea’s merchandise imports rose by 0.01% (from 10.63% to 10.64%) in RCEP, and by 0.02% (from 2.63% to 2.65%) in the world. During 2015-2023, Vietnam and Cambodia significantly increased both exports and imports of goods. Some RCEP members (Laos, Australia, Indonesia) focused mainly on merchandise exports, and certain countries (Brunei Darussalam, the Philippines) – on merchandise imports. Vietnam and Laos doubled the total volume of foreign trade in goods, and their merchandise trade surplus grew. In 2023, the foreign trade turnover of the RCEP countries amounted to USD 12’997’739 mln indicating 45.65% increase compared to 2015.
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