Analysis of the Regional Macro Trade Environment

Trade Momentum in ASEAN Signals Regional Resilience

|  ASEAN Captures 8% of Global Trade, Led by Singapore and Vietnam

In 2024, ASEAN solidified its position as a net exporter, commanding approximately 8% of global trade, with total exports reaching USD 2.0 trillion against USD 1.9 trillion in imports. The ASEAN-6 (Singapore, Vietnam, Malaysia, Thailand, Indonesia, and the Philippines) accounted for a staggering 97% of that value.

Singapore retained its lead, underpinned by its strength in the electrical and electronics (E&E) sector and its role as a global logistics and re-export hub. Vietnam followed closely, benefitting from China+1 strategies, competitive labour costs, and deep integration into global manufacturing chains.

|  E&E Trade Dominates; ASEAN Deepens Role in Global Value Chains

Electrical machinery and equipment (HS Code 85) continued to dominate ASEAN trade, comprising over 25% of both exports and imports. This reinforces ASEAN’s role as an indispensable hub for global electronics and semiconductors, creating opportunities for precision engineering, logistics, and chemical industries.

Singapore and Vietnam jointly accounted for 62% of exports and 57% of imports under this product group, cementing their positions in the electronics value chain—from R&D and advanced manufacturing to mass assembly.

|  US and China Remain Strategic Partners Amid Geopolitical Tensions

The United States and China continued to be ASEAN’s largest external trading partners in 2024, together contributing to 67% of exports and 73% of imports. China remains a vital source market, reinforcing supply chain integration, while the US offers diversification amid geopolitical risk.

Intra-ASEAN trade remains relatively low, at just 20%, due to limited complementarity among member economies. However, this also signals untapped potential for future integration.

Source: Tendata | ITC, Trade Map

Foreign Investments Signal Long-Term Confidence in SEA

|  Singapore Remains the Largest FDI Magnet in Southeast Asia

Singapore attracted nearly 70% of ASEAN’s total FDI inflows in 2023, driven by its strong financial ecosystem, stable governance, and positioning as a regional base for multinational enterprises (MNEs). The US led these inflows with USD 73 billion, followed by China and India.

Although intra-ASEAN FDI dipped slightly, primarily due to a cautious stance from Singapore, Thailand, and Malaysia, the broader inflow remained robust—highlighting continued investor confidence in Southeast Asia’s long-term potential.

|  Finance and Manufacturing Lead Sectoral Investment

Finance overtook manufacturing as the top FDI recipient sector, bolstered by US capital targeting ASEAN’s financial services hubs. Notably, Singapore accounted for 94% of all finance-related FDI, further cementing its role as the financial nerve centre of the region.

Meanwhile, manufacturing remained the largest intra-ASEAN investment target, especially from Chinese investors. Vietnam stood out as a key beneficiary, receiving significant funds to support its export-oriented manufacturing base in electronics, garments, and industrial goods.

|  Greenfield Projects Highlight Shift Towards High-Tech Growth

A noteworthy 85% of ASEAN investments in 2023 came from greenfield projects, focusing on electronics, semiconductors, and ICT. With average FDI equity investment comprising 67% of inflows, investors are demonstrating a clear commitment to long-term regional integration and capacity building.

Source: UN Trade and Development (UNCTAD)

Sign Up to Download the Full Report

Gain deeper insights into Southeast Asia’s trade environment — including regional policies, key drivers, and emerging challenges — by accessing the full report.
By signing up, you’ll also receive regular updates on upcoming Speeda insights and industry analyses across Asia.

In today’s rapidly shifting market landscape, financial professionals need more than just raw data — they need clarity, speed, and regional depth. Speeda delivers all three, offering the most comprehensive intelligence platform focused on Asia. From detailed private company data to expert-curated industry reports and custom research services, it empowers you to make confident, informed decisions across markets and sectors.

If you’d like to learn how Speeda can support your research and business goals, sign up to request a demo session with our team. Request a Demo Call