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Asia’s Export and Import Results of Motor Vehicles and Parts in 2022
This report covers the export and import results of motor vehicles and related parts (classified under HS Code 87) of eight Asian countries (India, Indonesia, Malaysia, Philippines, South Korea, Taiwan, Thailand, Vietnam) in 2022. While there were social restrictions and shortages of parts such as semiconductors due to the resurgence of the corona infection in 2021, exports and imports fully recovered in 2022. Exports surpassed the pre-corona 2019 levels in all countries except the Philippines and Malaysia, while, apart from Malaysia, imports exceeded in all markets the levels prior to the outbreak of the pandemic. Looking at trade balance, the trade surplus of India, Taiwan and South Korea increased, while the trade deficit of Malaysia, the Philippines and Vietnam expanded. The surplus decreased in Thailand due to a decrease in exports and an increase in imports and in Indonesia as a result of rising imports.