Asia

China is the world’s second-largest economy, with a total GDP of close to $18 trillion in 2023, and projected GDP growth rate of 4.8% for 2024. China’s total trade with the U.S. reached $575 billion in 2023. Trade between Wisconsin and China has grown over the last decade, and today China is the state’s third-largest export destination, with $1.5 billion worth of goods shipped from Wisconsin to China in 2023. Societal changes in China will further improve export opportunities for Wisconsin companies; these trends include wider use of machines and technology in manufacturing, improvement of environmental contamination, and growth in health interventions.

Trade between Wisconsin and China has grown over the last decade. China is the state’s largest export destination outside of North America. Medical and non-electrical machinery are the state’s biggest exports to China, followed by computers and electronics, plastics, fabricated metal products, and processed foods.

Opportunities for Wisconsin companies in China are related to broader use of machines and technology in manufacturing, improvement of environmental contamination, and health care services. The rise of the middle class and urbanization throughout China make it a high-growth market where Wisconsin communities can build on relationships established in recent years. Societal changes are driving demand for new products and technologies. Recently, as the U.S. and China both set goals on carbon emissions and agreed to cooperate closer on climate change, there is strong potential for collaboration and growth in the field of environmental protection. Wisconsin businesses could also benefit from offshore service contracts for legal and financial services and health care, as the growth of the middle class in China is creating the need to improve the country’s health care industries.

Japan is the world’s fourth-largest economy. It is also the second-largest foreign investor in the U.S. The Japanese economy has strong demand for U.S. products, and Japan is also the gateway to broader opportunities across the Asia-Pacific region. Japan has one of the world’s most advanced and stable economies and is home to globally recognized companies with a robust industrial base. Japan’s economy has been growing steadily in recent years and grew faster than projected in the fourth quarter of 2024 due to increased business spending and rising consumption.

Japan was Wisconsin’s No. 11 export destination (with $622 million in exports) and also the No. 11 import source (with $516 million in imports) in 2024. The state’s leading exports to Japan are food products and computer and electric products. Wisconsin’s leading imports from Japan are machinery (non-electrical) and chemicals. Japanese customers traditionally have a strong affinity for U.S.-made products, since they consider those products to be of high quality. There are many Japanese investments in Wisconsin in industries such as food, bioscience, mining, and the high-tech sector, among others. Health and wellness have become a significant focus for Japanese consumers. There is a rising demand for organic food, dietary supplements, fitness products, and wellness services. This trend is driven by an aging population that prioritizes maintaining a healthy and active lifestyle.

Wiscosnisn companies wishing to enter the Japanese market should consider partnering with a reputable, well-connected agent or distributor and cultivating business contacts through frequent personal visits. Japanese business culture attaches a high degree of importance to personal relationships, which take time to establish. Japanese business culture is incredibly loyal; once you build trust, you can reap the rewards of this over the long term.

South Korea is a dynamic, innovative, and fast-paced economy, consistently ranked among the world’s most technologically advanced countries, and is home to global powerhouses and some of the strongest brands in electronics, automotive, and advanced manufacturing. As Asia’s fourth-largest economy, South Korea is a world leader in high-tech sectors like semiconductors, artificial intelligence, and biotechnology, driven by heavy investment in research and development and a highly sophisticated consumer market. With a strategically important location between China and Japan, the country serves as a significant logistics and trade hub for Northeast Asia, boasting world-class infrastructure, including the Port of Busan and Incheon International Airport. The combination of technological maturity, economic stability, and geographic advantage makes South Korea a reliable and indispensable partner for U.S. companies looking to scale their operations, secure supply chains, and gain a competitive edge across the Aisan market.

South Korea has achieved a remarkably high level of economic growth and maintains a deep, stable relationship with the U.S. as a critical trading partner and ally, offering unique and highly attractive opportunities for international businesses seeking to expand their Asian presence. The South Korean consumer is agile and trend-conscious, characterized by quick adoption rates for new products and technologies, making this market an ideal testing ground for innovative U.S. goods and services. Furthermore, the country boasts one of the world’s most talented workforces, with the highest rate of tertiary education attainment among OECD countries; nearly seven out of 10 young adults hold a university degree. Despite its relatively small size compared to neighboring countries, South Korea has produced many globally recognized companies and offers a very sophisticated and efficient market for establishing or expanding business operations.

Highlighting a deep bilateral partnership, the White House recently released a fact sheet detailing the strategic trade and investment relationship, which includes South Korea’s pledge to invest approximately $350 billion in the U.S. Conversely, South Korea’s major conglomerates recently demonstrated their commitment to securing future global leadership by pledging approximately $550 billion in domestic investments across critical areas, including semiconductors, AI, future technology development, and related sectors. This massive financial commitment underscores the nation’s aggressive strategy to both pursue new, high-growth industries and actively upgrade its existing core competencies. This drive creates excellent immediate opportunities for U.S. firms with advanced technologies in area likes AI-related applications, aerospace/defense, advanced manufacturing, and agriculture to establish key partnerships and expand their business presence in South Korea’s most innovative sectors.

Singapore is a highly developed and successful free-market economy. It boasts a higher per capita GDP than most developed countries, and is remarkably open and corruption-free. It is consistently ranked first globally by the Economist Intelligence Unit for its business environment. With a pro-business environment, strong legal protections for intellectual property, state-of-the-art infrastructure, and a highly educated English-speaking workforce, Singapore has become a major distribution, logistics, and financial hub. The city-state also has a vibrant tech innovation ecosystem, with 80 of the top 100 tech firms in the world having a presence there. The country is a gateway to the Association of Southeast Asian Nations (ASEAN) market, a 10-nation economic bloc that has a population of nearly 700 million and a combined GDP of approximately $3.8 trillion, making it the world’s fifth-largest economy.

Around 46% of Asian regional headquarters of prominent multinational companies in sectors such as health care, technology, media, and telecommunications are based in Singapore. This figure remains a key economic indicator, with the city-state hosting more than 4,200 multinational firms in the region as of 2023-2024. The city-state is strategically located along the world’s major trade, shipping, and aviation routes. While Singapore itself has a small population, it is a major trading hub for a much larger region. Many of the products shipped to Singapore are ultimately trans-shipped to other destinations in Southeast Asia. The region’s middle class is expected to grow from 135 million in 2021 to 334 million by 2030, a projection that remains the most widely cited and foundational forecast for consumer growth in the region.

Singapore is known for its rule of law, transparent and streamlined business regulations, and enforcement of intellectual property rights. It consistently ranks highly, placing 16th globally in the World Justice Project Rule of Law Index and seventh globally for intellectual property rights protection as of 2024. In addition, more than 99% of all imports into Singapore enter the country duty-free. This makes Singapore one of the easier markets in which Wisconsin exporters can succeed. The U.S.-Singapore Free Trade Agreement took effect on Jan. 1, 2004, and continues to underpin the strong trade relationship. In 2024, U.S. goods and services exports to Singapore totaled over $80 billion. Singapore is one of largest source of imports for the U.S. among ASEAN nations and a major overall trading partner.

India is a developing market economy. It is the world’s seventh-largest country by area and the most populous nation in the world. India is the world’s fifth-largest economy by nominal GDP and the third-largest by purchasing power parity, according to IMF’s October 2025 World Economic Outlook. Since 2000, the country’s nominal GDP has climbed more than 700%. In that time, India has evolved from a small, agrarian economy to a major global player in information technology, manufacturing, and pharmaceuticals, and has become the world’s third-largest consumer market. According to the World Bank, India is also seeking ways to ensure its future growth is more sustainable and inclusive, adjusting its policies regarding social protections and infrastructure development.

India boasts an immensely rich cultural heritage, including numerous languages, traditions, and religious groups, and is unique in its diversity—an important factor to keep in mind when doing business in India. Since 2018, India’s working-age population has grown larger than those not of working age. This bulge in the working-age population is projected to last through 2055, giving India what’s known as a demographic dividend. India has the third-largest startup base as well as the third-largest number of “unicorns” (privately held startups with a value exceeding $1 billion) in the world, according to NASSCOM, the premier trade body and chamber of commerce for India’s tech sector.

Taiwan has a dynamic capitalist economy driven largely by industrial manufacturing, especially exports of electronics, machinery, and petrochemicals. Taiwan’s economy grew by about 1.3% in 2023. Taiwan enjoyed record exports thanks to surging global demand for its technology components and products because of the need to work and study from home. Taiwan’s strong manufacturing capabilities and complete supply chain have helped it dominate the global microchip marketplace despite strong competition from South Korea, Japan, China, the U.S., and India.

The island runs a trade surplus with many economies, including both China and the U.S. Its foreign reserves are the world’s sixth-largest, behind those of China, Japan, Switzerland, India, and Russia. In 2006, China overtook the U.S. to become Taiwan’s second-largest source of imports after Japan. The majority of Taiwan’s imports come from other Asian countries..

The top categories of Taiwanese purchases from the U.S. include industrial machinery, mineral fuels, electrical machinery, aircraft, and optical and medical instruments. Wisconsin exports to Taiwan totaled $380 million in 2023, making Taiwan the Wisconsin’s 15th-largest export market.

With a nominal GDP of approximately $526 billion as of 2024, Thailand is ranked as the 26th-largest economy in the world and the second-largest in Southeast Asia. Diversified and competitive, this economy has proven resilient to external and domestic economic shocks. Thailand offers a favorable business environment owing to its market-oriented economy, efficient regulatory system, relatively low tax rates, and open policies towards investment and trade. The country has long-term plans to develop three coastal regions into a special economic zone called the Eastern Economic Corridor (EEC), with airports, deep sea ports, and high-speed rail, and spanning a multitude of industries. As of 2024, the EEC is a priority zone actively attracting investment in high-tech sectors like digital, electric vehicles (EVs), and advanced manufacturing. The government has also prioritized development of digital infrastructure and acceleration of the digital economy, aiming to usher the country into the “Thailand 4.0” era. The digital economy is projected to grow significantly faster than overall GDP in 2024, reflecting this strategic shift toward an innovation-driven, value-based model.

Thailand is an upper-middle-income country with an open, export-dependent economy and a strong, diversified manufacturing base across sectors such as automotive (including EVs), electronics, and food. The country offers generous tax and non-tax incentives to attract foreign direct investment (FDI), with FDI inflows remaining a strong point in 2024. In addition, the 1966 Treaty of Amity and Economic Relations gives special rights and benefits to U.S. citizens who wish to establish their businesses in Thailand. The successful holding of elections in 2023, the first since a military coup in 2014, resulted in a coalition government. While this has brought a degree of civilian rule, the political landscape in 2024 remains complex and dynamic, marked by shifts in power and ongoing court rulings. Thailand is also a hub for the Indochina region encompassing the CLMV countries of Cambodia, Laos, Myanmar, and Vietnam, with its extensive infrastructure projects (like the EEC and planned land bridge) continually strengthening its role as a regional trade and logistics gateway.

Thailand presents opportunities for exporters of aerospace and defense equipment, agricultural machinery, EV components, industrial machinery, medical devices, pharmaceuticals, and automotive accessories among others. Goods exports from the U.S. to Thailand reached $17.9 billion in 2024 (up from $11.2 billion in 2019). The U.S. was the fourth-largest source of imports for Thailand (after China, Japan, and Taiwan) in 2024, maintaining its position as a top import partner. The U.S. was also the top destination for Thai exports in 2024, reflecting the deep economic ties between the two countries.

Vietnam was one of the few countries in the world to maintain positive economic growth in 2020, but it achieved a final GDP expansion of 7.09% in 2024, driven by a strong rebound in manufacturing and the services sector. It has been one of the fastest-growing economies in the world over the past decade. Sustained economic reforms demonstrate the government’s commitment to open up the country to trade and investment and move from a closed, centrally planned economy toward a globally integrated market economy. Vietnam has a large population of more than 101 million, maintaining a “golden population structure” (where nearly 70% of the population is between the ages of 15 and 64), representing a huge pool of both potential customers and employees for many investors. The country has gained fame worldwide as a go-to place for export manufacturing, largely because of low labor costs. It has been a major beneficiary of global supply chain diversification, with manufacturers shifting operations to Vietnam and firms sourcing from there to bypass higher tariffs.

The Doi Moi (renovation) economic and political reforms launched in 1986 have made Vietnam one of the most dynamic economies in Asia. From 2002 through the end of 2024, Vietnam’s rapid development has successfully lifted more than 45 million people out of national poverty, with the multidimensional poverty rate falling to just 1.93%. An emerging middle class, currently accounting for more than 17% of the population, is projected to reach nearly 30% by 2026. Rising incomes have made consumption a key economic engine, contributing more than 62% of overall GDP growth in 2024. Vietnam is also a highly favored destination for shifting supply chains. Labor-intensive manufacturing has been migrating to Vietnam from China for at least the past decade, and the process has been accelerated by global supply chain diversification efforts, making Vietnam an anchor for advanced manufacturing in the region.