Neither Decline nor Displacement: America’s Trade Success with Southeast Asia

Reality and narrative are not the same. This is particularly the case when it comes to America’s current trade relations with the ten economies of Southeast Asia. A predominant narrative approaching the level of a conventional wisdom is that the United States is a declining economic power in Southeast Asia and is being displaced by the People’s Republic of China. The impressive stock and continuing inflows of U.S. FDI into the region are often used as a counter to these declinist claims, while aggregate trade figures are used to bolster them. However, a closer look at U.S. trade with the ten Southeast Asian economies from 2013 to 2018 clearly show that the U.S. is neither a declining economic power in Southeast Asia nor is it being displaced by the People’s Republic of China. Instead, the U.S. is an increasingly important export market for all ten Southeast Asian economies, an increasingly important trading partner for all but Brunei Darussalam and the Philippines, and an important source of imports for at least five Southeast Asian economies. America’s trade with Southeast Asia is growing in absolute and relative terms despite the absence of bilateral or regional preferential trade agreements linking the world’s largest economy to one of the world’s most dynamic regions.

Speakers:
Dr. Malcolm Cook, Senior Fellow, ISEAS-Yusof Ishak Institute
Dr. Satu P. Limaye (Moderator), Vice President, East-West Center & Director, East-West Center in Washington

Recorded:
Friday, October 18, 2019
East-West Center in Washington
1819 L Street, NW, Washington, DC

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Malcolm Cook,ISEAS-Yusof Ishak Institute,Satu Limaye,East-West Center,EWC,trade,Southeast Asia,East-West Center in Washington,