Association of Southeast Asian Nations (ASEAN)

The United States and ASEAN concluded the U.S.-ASEAN Trade and Investment Arrangement (TIFA) in 2006 and since then have been working to build U.S.-ASEAN trade and investment ties as well as promote ASEAN regional economic integration. The United States intensified its work under the TIFA in 2009, presenting ASEAN senior officials a number of ambitious proposals to be pursued under the TIFA work plan. These proposed initiatives seek to achieve concrete results in a variety of areas including trade facilitation, logistics, digital economy, trade finance, and trade and environment. The United States hopes to reach agreement shortly with ASEAN countries on the elements of the work plan for the coming year.

The 10-member countries of ASEAN together comprise the fourth largest export market of the United States and its fifth largest two-way trading partner. ASEAN countries include Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam.

Trade between the U.S. and ASEAN continues to grow steadily, and two-way goods trade totaled $177 billion in 2008. With robust economies and a total population of about 550 million, the 10-member countries of the ASEAN market provide significant potential opportunities for U.S. companies.

U.S.-ASEAN Trade Fact

U.S. goods and services trade with ASEAN countries totaled $196 billion in 2007 (latest data available). Exports totaled $75 billion; Imports totaled $120 billion. The U.S. goods and services trade deficit with ASEAN countries was $45 billion in 2007.

The United States has a $177 billion in total (two ways) goods trade with ASEAN countries during 2008. Goods exports totaled $67 billion; Goods imports totaled $110 billion. The U.S. goods trade deficit with ASEAN countries was $43 billion in 2008.

Trade in services with ASEAN countries (exports and imports) totaled $24 billion in 2007 (latest data available). Services exports were $14.5 billion; Services imports were $9.3 billion. The U.S. services trade surplus with ASEAN countries was $5.2 billion in 2007.

Exports

U.S. goods exports to the ASEAN countries in 2008 were $66.9 billion, up 12.4% ($7.4 billion) from 2007, and up 108% from 1994 (the year prior to Uruguay Round). U.S. exports to the ASEAN countries account for 5.2% of overall U.S. exports in 2008, down from 6.3% in 1994.

The ASEAN countries, together, would rank 4th as an export market for the United States in 2008.

The top 5 ASEAN export markets in 2008 were Singapore ($27.9 billion), Malaysia ($12.9 billion), Thailand ($9.1 billion), Philippines ($8.3 billion), and Indonesia ($5.6 billion).

The top export categories (2-digit HS) in 2008 were: Electrical Machinery ($20.4 billion), Machinery ($10.9 billion), Aircraft ($5.4 billion), Optic and Medical Instruments ($3.4 billion), and Mineral Fuel and Oil ($2.7 billion).

U.S. exports of agricultural products to ASEAN countries totaled $7.0 billion in 2008. Leading categories include: wheat ($1.3 billion), cotton ($956 million), soybeans ($806 million), dairy products ($741 million), and feeds and fodders (excluding pet food) ($457 million).

U.S. exports of private commercial services* (i.e., excluding military and government) to ASEAN were $14.5 billion in 2007 (latest data available), down 0.1% ($15 million) from 2006, but up 120% ($7.9 billion) since 1994.

Imports

U.S. goods imports from the ASEAN countries totaled $110.1 billion in 2008, down 0.8 percent ($866 million) from 2007, but up 111% over the last 14 years. U.S. imports from ASEAN account for 5.2% of overall U.S. imports in 2008, down from 7.9% in 1994.

The ASEAN countries, together, would rank as our 5th largest supplier of imports in 2008.

The top 5 ASEAN import suppliers in 2008 were Malaysia ($30.7 billion), Thailand ($23.5 billion), Singapore ($15.9 billion), Indonesia ($15.8 billion), and Vietnam ($12.9 billion).

The five largest categories in 2008 were: Machinery ($24.9 billion), Electrical Machinery ($24.4 billion), Knit Apparel ($8.8 billion), Woven Apparel ($6.7 billion), and Rubber ($4.8 billion).

U.S. imports of agricultural products from ASEAN countries totaled $8.4 billion in 2008. Leading categories include: rubber and allied products ($2.6 billion), tropical oils ($1.9 billion), processed fruit and vegetables ($647 million), coffee (unroasted) ($539 million), and cocoa paste and cocoa butter ($463 million).

U.S. imports of private commercial services* (i.e., excluding military and government) from ASEAN were $9.3 billion in 2007 (latest data available), up 13.5% ($1.1 billion) from 2006, and up $168% ($5.8 billion) since 1994.

Trade Balance

The U.S. goods trade deficit with ASEAN was $43.2 billion in 2008, a 16.0% decrease ($8.2 billion) over 2007.

The United States has a service trade surplus of $5.2 billion with ASEAN countries in 2007 (latest data available).

Investment

U.S. foreign direct investment (FDI) in ASEAN countries (stock) was $153.3 billion in 2008, up 8.0% from 2007.

ASEAN countries' FDI in the United States countries (stock) was $13.5 billion in 2008, up 5.8% from 2007.

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*NOTE: Refers to private services trade not including U.S. military sales, direct defense expenditures, and other miscellaneous U.S. government services. Services trade data includes all ASEAN countries expect Burma (Myanmar), Brunei, Cambodia, Laos, and Vietnam.