Summary:

Growing digital economy related services trade strengthened ASEAN’s economic resilience during the pandemic years. While COVID-19 outbreaks that halted international travelling slashed the region’s total services trade in 2020, trade in telecommunications, computers, and information services saw a stellar growth, and the momentum continued into 2021. The growth in ASEAN’s telecommunications, computers, and information services trade within the bloc is at an even faster pace than between ASEAN countries and rest of the world, signaling a deepening digital integration within the region.

Highlights:

• The total services trade between ASEAN and rest of the world dropped in 2020 by 12% relative to 2018, and barely recovered to the 2018 level in 2021.
• However, trade in telecommunications, computers, and information services between ASEAN and rest of the world grew by 27% in 2020 and a further 55% in 2021.
• Likewise, trade in telecommunications, computers, and information services within the ASEAN bloc saw a 16% growth in 2020 and another whopping 71% increase in 2021.

Article By LIU, Jingting

Graphic By GE, Yixuan