ASEAN Snapshot 2023
Welcome to ASEAN snapshots in 2023. ASEAN, a market of 646 million people, has maintained its status as one of the most dynamic economic regions of the world, reaching a GDP growth rate of 5.0% in 2022. Slightly down by 0.5% compared to 2021, but still very respectable in the midst of worsening global economic conditions, with supply chain disruptions, rising energy costs, tightening monetary policies and high inflation rates.
Intra ASEAN trade has grown by more than 30%, helping to offset some of the decline in
exports to the US, EU and China. Meanwhile Foreign Direct Investments (FDI) into ASEAN
increased by 46.5% to 179.2 billion US$, indicating a shift of supply and productions chains away from China to ASEAN in 2022.
The total trade between ASEAN and Germany reached 85.1 billion US$ in 2022, an increase of 25.1% YoY. The flows of FDI from Germany to ASEAN grew to 3 billion US$ in 2021, from a negative growth of US$ -2.1 billion US$ in 2020. More than 3,000 German companies are invested in ASEAN, their number has been growing steadily and is likely to increase even more in the future, considering long-term as well as recent geopolitical developments, like rising trade tensions and the reorganization of supply and production chains. Increasing regional and global integration, improving regulatory environments, competitive cost structures and diversification opportunities are positioning ASEAN very well as alternative or complementary investment destination for German companies.
The German Chambers ASEAN Business Council (GCABC) - #PartnerInASEAN, is pleased to introduce the 2023 edition of the ASEAN Snapshots, a booklet with a variety of up-to-date charts and infographics about ASEAN economic developments, ranging from demographics, economics as well as trade and investment information.
We look forward supporting you in doing business in ASEAN.
Jan Roennfeld
German-Indonesian Chamber of Industry and Commerce
GCABC SPOKESPERSON 2023