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APAC Countries To Be Concerned By Softer China Outlook


MNI (Australia) - China data have been surprising to the downside in recent months and there has been increasing discussion of a disappointing economic recovery. This has impacted oil market sentiment, as China is the largest oil importer, and numerous countries in APAC have begun to discuss the potential impact on their growth outlook from a slower China. Some countries will be impacted more than others.

  • Exports to China for most countries in the APAC region are important to the total. In 2022 Australia was the top of the list with 29.1% of exports going to China but NZ, Taiwan, Indonesia and South Korea all have more than 20%. In contrast, India only has 3.5% of its shipments destined for China. Major OECD nations such as the US and euro area only have a minor exposure.
  • These figures don’t tell the whole story regarding the impact of slower China growth. In terms of GDP, Taiwan and Malaysia are the most exposed, whereas Australia’s economy is only slightly more exposed to its exports to China than Thailand’s and less than Korea’s. But many APAC countries are likely to be concerned about slower China demand.
Global exports to China %

Source: MNI - Market News/Refinitiv

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