Asia’s export slump is expected to deepen. China, Hong Kong, India, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand are expected to have a rocky road ahead. Major Asian economies have seen a downward trend in exports after a peak in 2017, the decline became more rapid towards the end of last year. Exports from Indonesia tumbled 11.33 per cent from a year ago in February. It was the fourth straight monthly decline and the steepest slump since June 2017. South Korea, home to a host of leading car and electronics manufacturers, exports crashed 11.1 per cent in February. Philippines, exports declined for the third successive month by 1.7 per cent.

China’s import growth crashed 4.9 per cent, which is bad news for other economies in the region, which are heavily reliant on Chinese demand. Global semiconductor sales growth declined 5.7 per cent year on year – an indicator of a sluggish electronics sector, a dominant industry in the region.

While a trade war deal between China and the United States may ease extreme business pessimism, the health of many Asian economies is more closely related to the wider global growth picture, which is negative. Asia’s exporting powerhouses include South Korea and Taiwan, and Indonesia – the largest economy in Southeast Asia.