times higher than in 2000.14 This trend is true across products; ASEAN-5 in mining and electronics; and BCLV in all subregions within ASEAN+3 since 2000, consistent agriculture and food and beverages. US demand shocks similarly concentrate in electronics and wholesale sectors. However, while the US impact remains substantial - and documented in the previous part. By comparison, the impact of US final demand shocks, while remaining important, has seen relatively smaller increases spillovers have grown more sharply across the region, and the US impact on ASEAN-5 has declined. This sectoral compared to China for most regional economies, and has factors remain significant, but intraregional linkages have demand shocks, reflecting its rapid integration into subregions, reflecting differences in trade composition. time. While the aggregate impact of ASEAN+3 excluding For ASEAN+3 excluding China, the largest impacts from impact from other Plus-3 economies has diminished, over the past two decades. This two-way sensitivity which may abstract from the most recent structural shifts. See Online annex 6 forfurther discussion of the methodology and simulation forall ASEAN+3 economies individually.