ASEAN KEY DESTINATIONS
Malaysia becomes major US market
U.S. industry has, apparently, recognised the business potential inherent in its foray into the Asean region, with Malaysia graduating to become a major export market for U.S. exports.
This is evident from the U.S. export profile in the first seven months of 2010 where exports of U.S. goods and services jumped 17.9 percent, according to the data released Friday by the Bureau of Economic Analysis of the Commerce Department.
Malaysia has emerged a "major export market", a reference used by the U.S. Commerce Department to define an export destination averaging, at least, US$500 million per month in imports of U.S. goods and services.
According to the Commerce Department, Malaysia's imports from the U.S. during the first seven months of 2010 jumped 47.3 per cent.
Other Asean member countries listed as major export markets were Indonesia, which imported 44.6 percent more U.S. products during the period, Singapore (+40.1 per cent) and the Philippines (+ 36.6 per cent).
However, the two Asian giants, China and India, took a lackluster ranking, though China's imports surged 36.2 per cent, while India was not even mentioned despite its huge potential.
"Again we are heartened by the export increase, which shows a growing appetite for U.S. made goods and services, and that translates to more American jobs," said Export-Import Bank of the United States (Ex-Im Bank) chairman and president Fred P. Hochberg.
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