China’s largest trading partner in the first three months of 2024 was the ASEAN (Association of Southeast Asian Nations) region, according to statistics. The data shows that China’s trade with ASEAN countries reached 2.08 trillion yuan, nearly 30 billion US dollars, an increase of 8.5% compared to the same period last year, accounting for 15.85% of China’s total foreign trade during the same period.
As a result, the European Union became China’s largest trading partner, second only to the second and third-ranked European Union and the United States. Last year, EU-China trade declined by 1.8%, while US-China trade saw a slight increase of 1.1%.
ASEAN includes Brunei, Myanmar, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, and maintains close economic ties with China, often settling trade in RMB.
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From March to June 2024, South Korea also became China’s fourth largest trading partner. A new agreement was reached with ASEAN member countries to supplement the old bilateral agreements.
Trade between the region and China is largely driven by mechanical and electrical products, which accounted for nearly 60% of China’s exports in the first quarter of 2024. This trend demonstrates the strengthening of trade relations between countries and supports China’s economy in overcoming global market challenges. Continued trade growth is expected to enhance the resilience and recovery of China’s economy.
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