China’s Potential for Trade in Renewable Energy Products in RCEP Countries: A Gravity Model Analysis

Table 5

China’s trade potential in new energy products to RCEP countries in 2020 (in US$ million).

Country	Theoretical value (from Formula (5))	Actual value	Trade potential (from Formula (1))
East Asia
Japan	13591.81	7275.67	0.535298
Korea	12436.19	5219.11	0.419671
Oceania
Australia	1773.81	3362.88	1.895857
New Zealand	239.24	248.07	1.036916
Southeast Asia
Indonesia	1502.78	2879.35	1.916015
Brunei	105.30	18.60	0.176633
Cambodia	148.49	396.15	2.667854
Laos	153.75	248.63	1.617077
Myanmar	521.45	438.05	0.840054
Malaysia	2744.91	2463.07	0.897322
Philippines	2697.56	1677.58	0.621888
Singapore	1488.48	2384.14	1.601723
Thailand	3536.98	2471.35	0.698717
Vietnam	1977.58	9700.95	4.905476

Source: calculations by the author.