Sourcing & Selling in ASEAN: What Q2 GDP Tells You

ASEAN’s growth numbers just came in. What do they mean if you source or sell online?

A snapshot of the ASEAN-6: What Q2 2025 GDP reveals for online sellers and global sourcing strategies.

With uncertainty rising in the U.S. market, more online businesses are looking abroad — not just to buy, but to grow.

Think of the ASEAN-6 like runners in a race. Some are on turbo. Some are jogging. A couple are having a walk with iced coffee in hand.

These are Q2 2025 numbers — before the new U.S. tariffs took effect in August. So this is the last clear snapshot before trade conditions start shifting.

If you’re sourcing from Asia or selling into it, here’s what’s happening and what you should pay attention to.

Who’s growing, and how fast?

Q2 2025 GDP growth across the ASEAN-6. Vietnam leads the region, while Thailand lags behind. These numbers reflect pre-tariff economic activity.

Vietnam — 7.96%

Moving fast. Driven by exports and foreign investment.

Philippines — 5.5%

Steady pace. Services sector is the backbone.

Indonesia — 5.1%

Big, consistent, and full of potential. Some researchers are questioning the strength of the underlying data, but the momentum is still there.

Singapore — 4.4%

Small, high-income economy. Growth led by tech and finance. Still exposed to tariff-related risks in exports like semiconductors and pharmaceuticals.

Malaysia — 4.4%

On target with forecasts. Electronics remain a strength, but the real test starts now as U.S. tariffs hit from August onward.

Thailand — 2.8%

Slowest in the group. Tourism is the main driver, but domestic demand remains weak. Analysts expect Q3 to dip as global trade slows.

What this actually means

Vietnam: The region’s manufacturing engine. It’s where a lot of electronics, apparel, and furniture are made — and it's also where a young middle class is growing fast. Still price-sensitive, but shifting.

Philippines: Strong services economy. Great for outsourcing, virtual assistants, customer support. As a sales market, it’s moderate — reliable but not massive.

Indonesia: Huge market with a young, mobile-first population. Infrastructure and payment systems still have friction, but the long-term potential is real.

Singapore: Small but premium. Great place to sell higher-end goods. Also a strong base for operations or regional distribution.

Malaysia: Good sourcing location, especially in electronics. But U.S. tariffs now in effect could impact margins or lead times depending on your supply chain.

Thailand: Mainly tourism-driven. You’ll find opportunities in lifestyle, wellness, and food-related categories, especially those with cross-border appeal. But broader demand is slow.

A quick note on GDP growth

Just because a country’s economy is growing doesn’t mean people are spending more. Inflation, wage stagnation, and inequality can all limit real purchasing power.

In countries like Vietnam, Indonesia, and the Philippines, there’s still strong demand for affordable products — but a new middle class is forming, especially in urban areas. This group wants more than just low prices. They want value, quality, and brands that reflect who they are becoming.

What you should do if you're a U.S. or European online business

Where to source and where to sell: A quick guide for U.S. and European online businesses navigating ASEAN’s shifting economy.

Where to buy from:

Vietnam — Strong for physical goods, especially apparel and furniture.

Philippines — Great for services like support and back office.

Malaysia — Electronics still a strength, but monitor tariff impact.

Where to sell to:

Indonesia — Large market, growing digital economy

Vietnam — Young middle class, aspirational buyers

Singapore — Wealthy consumers, high digital engagement

What to keep an eye on:

Malaysia’s tariff fallout (from August 2025 onward)

Thailand’s slow domestic recovery, tied closely to tourism flows

The bottom line

ASEAN isn’t one market. It’s a group of countries growing at very different speeds.

Vietnam is moving fast and doubling as both a sourcing hub and a rising consumer market. Indonesia is huge and growing steadily, with long-term e-commerce potential. Singapore is small but full of high-spending buyers. The Philippines is strong on services and quietly reliable. Malaysia is worth watching closely as tariffs kick in. Thailand is still finding its footing, but offers opportunities in niche sectors.

If you’re sourcing or selling into Asia, timing and positioning matter. The region’s not running at one speed — and you don’t need to either.

Looking to assess where to grow next? Try our [Free SWOT Analysis].