| The three large Asean economies of Indonesia, the Philippines and Thailand, which are striving to shift from significant commodity dependence to high value-added exports, could do worse than to look at Singapore and Malaysia's experience, said ICAEW's latest Economic Insight report.
For instance, in 2012, 33 per cent of Indonesian exports consisted of fuels and related materials, and 12 per cent consisted of animal and vegetable oils, fats and waxes. In comparison, 19 per cent and 0.1 per cent of total Singaporean exports consisted of these two commodities respectively. Even then, many of these exports are simply passing through rather than produced by Singapore.............................................Full Article: Source |