This study analyses knowledge asset as a determinant factor to bilateral trade fows in ASEAN-5 countries, namely, Singapore, Malaysia, the Philippines, Indonesia and Thailand from 2000 to 2015. The gravity model of trade is extended by incorporating the fve components of knowledge assets, namely, national’s market capital, fnancial capital, renewal and development capital, human capital and process capital as explanatory variables. The empirical investigation is based on pooled ASEAN-5 data and done using random effects and fxed effects models. The principle fndings corroborate that knowledge assets are positive and have signifcant effects on bilateral trade fows in ASEAN-5 countries. The consideration of improving human capital and fnancial capital is vital given that it is a major contribution to the changes of bilateral trade in ASEAN. This study is open for further research on the negative and signifcant infuences of process capital towards bilateral trade fows in ASEAN-5 countries.