1. US Agricultural Exports to ASEAN Grow - But Face Competition
- Author:
- Michael McConnell
- Publication Date:
- 03-2012
- Content Type:
- Policy Brief
- Institution:
- East-West Center
- Abstract:
- ASEAN countries have long been an important international market for US agricultural exports. The United States, in 2011, exported almost $9.6 billion of agricultural products to ASEAN, making it the sixth-largest export destination for US farmers, ranchers, and agribusinesses—behind Japan ($14 billion) and just behind the European Union ($9.6 billion), but well ahead of South Korea ($7 billion). Moreover, the value of agricultural trade between the United States and ASEAN almost doubled between 2007 and 2011, with the top four ASEAN markets in 2011 for the United States being Indonesia ($2.8 billion), the Philippines ($2.1 billion), Vietnam ($1.7 billion), and Thailand ($1.3 billion). With a population of 614 million and strong economic growth, it is expected that ASEAN will continue to be an important market for US agricultural products. However, the United States is likely to face increasing competition, particularly from China, Australia, and New Zealand, all of which have free trade agreements (FTAs) with ASEAN.
- Topic:
- Agriculture, Demographics, Economics, International Trade and Finance, Markets, and Food
- Political Geography:
- United States, China, Europe, East Asia, South Korea, Australia, Southeast Asia, and New Zealand