China’s largest trading partner in the first three months of 2024 was the ASEAN (Association of Southeast Asian Nations) region, according to statistics. Trade between China and its neighboring ASEAN countries amounted to 2.08 trillion yuan, nearly $300 billion, representing an 8.5% increase on an annual basis and accounting for 15.85% of China’s total foreign trade during this period.
As a result, the bloc has become China’s number one trading partner, surpassing the European Union (EU) and the United States, which rank second and third respectively. While trade between the EU and China decreased by 1.8%, there was a slight increase of 1.1% in US-China trade last year.
ASEAN, which includes Brunei, Myanmar (Burma), Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, maintains strong economic ties with China, often conducting trade in Chinese yuan.
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South Korea has also become China’s fourth-largest trading partner from January to April 2024. China is expanding its connections with other developing countries through the Belt and Road Initiative (BRI), seeking new agreements across Asia, Africa, and Latin America. China aims to supplement existing bilateral agreements with ASEAN member states by pursuing new agreements.
A significant portion of trade between the region and China is attributed to mechanical and electrical products, which accounted for nearly 60% of China’s exports in the first quarter of 2024. Chinese private enterprises have experienced a sharp increase in orders from ASEAN countries, driven by the demand for electronics.
This trend indicates a strengthening of trade relations between the countries, supporting China’s economy in overcoming challenges in the global market. The continued growth in trade is expected to enhance economic resilience and recovery in China.
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