Last month, Malaysia reported its largest trade surplus in almost two years, but the iShares MSCI Malaysia ETF (NYSEArca: EWM) has dipped 9% this year.
There are glimmers of hope for the account surplus trade. For example, Indonesia, Southeast Asia’s largest economy, on Sunday reported its largest surplus in two years. The Market Vectors Indonesia ETF (NYSEArca: IDX) is off 4.4% year-to-date.
The Philippines has run a surplus every year for over a decade, indicating treatment of the iShares MSCI Philippines ETF (NYSEArca: EPHE) dating back to last year has arguably been harsh. EPHE’s 2014 loss is inline with IDX’s.
While that has been enough to make those ETFs noticeably less bad than the others mentioned here, Indonesia and the Philippines do need to see their currencies strengthen because the bulk of GDP in both nations comes by way of domestic demand. [Philippines ETF Tries to Stay Strong]
Chart Courtesy: Financial Times
