EDB says Asian growth helps offset US trade threat

SINGAPORE (Feb 3): Asia’s expanding economies and growing middle class are a benefit to Singapore and may help offset the threat of a trade pullback from the US, according to the city state’s Economic Development Board.

Rising cross-border trade and deals “will provide that lift for countries in this part of the world,” Beh Swan Gin, chairman of the EDB, said in an interview with Bloomberg Television’s Haslinda Amin. Asian countries are the biggest source of demand for Singapore’s exports, helping to shelter the city state if the US decides to cut its offshore production, he said.

“I think the US will use its huge domestic market to try and reshore back some of the activities, but Singapore doesn’t really participate in that part of the global supply chain,” he said. “A lot of our manufacturing here is to address the needs and opportunities in Asia.”

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