NextGen Day

JAKARTA, Indonesia – According to an update of the APEC Policy Support Unit study, the Asia-Pacific Economic Cooperation (APEC) area, which accounts for half of the global trade, had a double-digit increase in both trade volumes and value from January to September 2021.

According to a written statement released by the APEC Policy Support Unit and received here on Thursday, the volume of APEC’s merchandise exports and imports climbed by 14 percent and 16 percent, respectively, compared to the same period last year, when they were in the negative zone.

Meanwhile, rising fuel and manufactured product costs pushed up the value of merchandise trade to 28.2 percent for exports and 27.3 percent for imports.

The causes for the increase, according to the report, are a combination of a resurgence in economic activity, as evidenced by a jump in demand, and a low base, as trade, has been contracting in recent years.

Furthermore, supply shocks resulted in higher shipping and storage costs, which were reflected in export and import prices.

Commerce in a wide range of produced commodities, including iron and steel, chemicals, machinery, clothes, and footwear, increased, while trade in coronavirus disease 2019 (Covid-19)-related goods, such as pharmaceuticals and telecommunications equipment, remained robust.

“To continue the recovery, member economies must remain united in their approach and priorities,” said Denis Hew, Director of the APEC Policy Support Unit. “In the immediate moment, we must guarantee that people are healthy so that economies can recover, reopen, and rebuild.”

“At the heart of this is the open and speedy flow of medical materials across borders to boost vaccination coverage,” he stated.

In terms of services trade, the update stated that in the first three quarters of 2021, APEC’s commercial services rebounded by 11.1 percent for exports and 9.2 percent for imports.

The rise in shipping rates benefited the performance of transportation services, which increased by 26.8%, while robust consumer demand pushed goods-related services up by 10.7% during the first to third quarters of 2021.

“Unfortunately, the travel industry remained to be a drag on services trade,” said Rhea Hernando, an APEC Policy Support Unit researcher who prepared the paper. “The revival of travel and tourism is largely contingent on the full reopening of borders across the world.”

Despite attempts by authorities to create multiple travel corridors, Hernando noted that travel services were still roughly 30% lower last year than in 2019.

“This just emphasizes the necessity of APEC’s commitment to moving forward with the work to reopen borders and reconnect the region safely,” she said.

As chair of APEC 2022, Thailand’s top priority is to solve the urgent issue of disrupted connectivity by restoring safe and frictionless cross-border travel, reviving the tourism and services sector, easing corporate mobility, and rising investment in health security.

“Looking ahead, member economies are positioned to implement the individual and collective initiatives set out by the Aotearoa Plan of Action in order to achieve the new vision of an open, vibrant, resilient, and peaceful Asia-Pacific,” Hew added.

“Although the plan of action’s strategies is dependent on the domestic conditions and resources of economies, the key is to act immediately by executing what is relevant, viable, and appropriate,” he added.

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