Macro Insights Weekly - Mild recovery in Asian exports

22 January 2024


  • Asia’s exporters had a forgettable 2023, with across-the-board declines. Several indicators suggest that the cycle has bottomed, but the outlook is not yet looking rosy
  • As supply chains normalised and emergency orders abated in 2023, so did exports.
  • Data from ports, PMI, and advance orders from the US suggest some upside to exports in 1Q24.
  • But manufacturers and shippers in China/Hong Kong remain gloomy.
  • Soft commodity prices are holding back exports numbers of Indonesia and Malaysia.
  • Middle East tensions could also disrupt shipping. Some caution is warranted.