New Delhi [India], August 27 (ANI): Major Asian economies experienced a temporary surge in exports to the United States due to front-loading shipments ahead of recently imposed US reciprocal tariffs, according to a report by Nomura.
The analysis highlights that countries including Taiwan, Thailand, Vietnam, Indonesia, India, Malaysia, and Singapore rushed shipments to the US before higher duties took effect in early August, driving a sharp spike in export growth during the first half of 2025.
Taiwan recorded exceptional growth, with exports to the US jumping over 80% year-on-year in July, and a three-month average increase of 80.3%. Thailand and Vietnam saw three-month average export growth of 36.2% and 31.3% respectively. Indonesia posted 26.6% growth, while India achieved a 20.1% rise in exports during the period. Malaysia saw its second-quarter exports surge, with April and May registering growth of 60.3% and 54.4%. Singapore experienced a 41.4% jump in March, followed by strong gains in April and May. The Philippines saw a notable 35.2% increase in May before tapering off.
In contrast, China’s exports to the US remained negative, declining 24.1% after May despite a temporary tariff truce earlier in 2025.
Nomura warned that the front-loading trend is temporary and may reverse in the coming months, potentially impacting Asian economies. The report noted, “Countries with strong front-loading activities so far, most notably in Asia, could experience strong payback effects, and we have factored this into our downbeat economic outlook for Asia in H2.”
Outside Asia, Switzerland, Australia, and the UK also saw temporary export spikes, with Switzerland’s exports surging over 300% in early 2025 before normalizing.
The report concludes that front-loading underscores the volatility in global trade flows amid tariff uncertainty and shifting supply chains, indicating that exporters may face headwinds as reciprocal tariffs take full effect. (ANI)
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