RSM Singapore partner on the pandemic's impact on intra-regional trade

Chong Cheng Yuan is one of the judges in this year’s Asian Export Awards.

Chong Cheng Yuan has more than 20 years of combined audit experience at Big 4 firms in Malaysia, Singapore and New Zealand. During this period, she assisted audit clients that included public-listed companies, multinationals, and start-ups in sectors such as energy and resources, real estate, retail, consumer products, industrial products and non-profit organisations.

Prior to joining RSM Singapore, Cheng Yuan was a lead audit director at a Big 4 firm in Singapore. Other than audit services, she had also been involved in quality reviews of listed entities, multinationals and IPO projects. Her role also included overseeing internal practice reviews within the Southeast Asia region, dealing with external regulators, overseeing policy compliance matters and training.

As one of the judges in the Asian Export Awards, Cheng Yuan shares the biggest trends she has observed from Asia Pacific's regional export scene and the pandemic’s impact on intra-regional trade.

Which particular markets or sectors are your main focus? Can you share with us your work experience or any backstory that has contributed to your professional career?

We are focusing on the small and medium market segments with the aim to assist growing businesses. Our firm serves many different sectors including industrial manufacturing, logistics and transportation, real estate & construction, F&B, retail and consumer products, healthcare, NPO, etc. I personally lead the industrial manufacturing sector in RSM. We reckon industrial specialisation will provide us with the ability to understand and identify the needs and objectives of each industry segment and be able to provide our clients with insightful, practical and effective advice.

Tell us about the biggest trends you've observed from Asia Pacific's regional export scene for the past six or 12 months.

With the effect of COVID-19 pandemic, we are seeing some growth in certain segments such as precision engineering and manufacturing segments as regional customers are looking for alternative suppliers to ensure lesser disruption to their supply chain. There is also growing interest in the Asia Pacific region, in particular the South East Asia, where the general population are in the younger middle-income generation with growing spending power.

What is the pandemic's impact on intra-regional trade, particularly on exports? Which industries are able to stay resilient in these trying times?

The impact of the pandemic is significant to intra-regional trade. Demand for non-essential goods will likely to decrease. However, we will see increasing demand in terms of technology products especially with the restriction on travelling and increased popularity of working from home arrangement.

What can businesses learn from the crisis? For those who have been badly hit, what do they need to consider to become more profitable and sustainable in the future?

We believe business should focus on the following 3 areas:

1) Conserve cash and reduce costs to improve their cash flow position;
2) Access credit facilities to manage existing borrowing and medium term needs;
3) Build confidence and work closer with critical customers and suppliers to secure continuing support and future businesses.

Most importantly, businesses should stay positive and constantly review their business model and strategy.