HSBC: ASEAN's Situation Is Favorable and Capable of Withstanding the Global Demand Decline

MaticHoleFiller · 2026-03-21T22:32:46+00:00

HSBC Global Research analysts state that ASEAN can withstand a global demand slowdown due to its diversified exports, supply chain adjustments, and continued foreign investment inflows. ASEAN exports grew approximately 12% in 2022, benefiting from global electronics demand and the AI boom.

MaticHoleFiller

2026-03-21 22:32:46

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HSBC Global Research analysts wrote in a report that ASEAN is well-positioned to withstand any slowdown in global demand. They cited the region’s diversified export base, supply chain adjustments, and continued inflow of foreign direct investment. The analysts pointed out that U.S. tariffs have led to significant restructuring of supply chains and trade flows both globally and within Asia. However, the region has performed strongly, with exports from January to November last year increasing by about 12% year-over-year. They added that this growth is broad-based, not only driven by increased exports to the U.S. and China but also by exports to India, Mexico, within ASEAN, and globally. The region has also benefited from the global AI boom, with one-third of its exports being electronic products.

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