cross-posted from: https://lemmy.sdf.org/post/48459223
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Australian companies and investors who focused on China, the US and Europe risked missing out on the opportunity presented by south-east Asia’s booming middle class and projected GDP growth of between 5 and 6 per cent. “There’s a much bigger opportunity to embrace in the region,” he said, forecasting trade to double over the next 10 years.
Trade had increased by A$5.7bn (US$3.8bn) in 2024, a 3 per cent rise on the previous year, according to government data. Exports of Australian goods and services to south-east Asia reached A$85bn the same year, with Laos seeing the biggest growth at 32 per cent and Singapore, Canberra’s largest trading partner in the region, registering 6 per cent. The Australian government invested A$75mn into Singapore’s clean energy transition fund last December.
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Much of the growth has been driven by agriculture. But other sectors, such as mining, finance and manufacturing, are also expanding.
Breville, the kitchen goods maker, shifted its manufacturing base for espresso machines from China to Indonesia’s Batam island, spurred by US President Donald Trump’s volatile trade policy. Meanwhile Lynas, the mining company and the largest non-Chinese rare earths company, refines its metals in Malaysia.
Canberra was keen to encourage more, said Moore, adding that 500 Australian business leaders would have participated in trade missions and delegations to south-east Asia by the end of this year.
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