ASEAN – China trade turnover surges in first eight months

The Association of Southeast Asian Nations (ASEAN) has maintained its position as China’s leading trade partner with two-way trade hitting 416.6 billion USD in the January-August period, according to the General Administration of Customs of China.

Illustrative image (Photo: VNA)

The figure was 16 billion USD higher than China’s trade with its second largest partner - the European Union (EU).

ASEAN and China reported a year-on-year expansion of 3.8 percent in trade whereas global trade is hurt by COVID-19.

The ASEAN-China Free Trade Area was rolled out in 2010.

In 2019, ASEAN surpassed the US to become China’s second largest trade partner, with trade turnover hitting 4.4 trillion CNY (about 648.35 billion USD).

Early this year, the bloc took the top position from the EU.

ASEAN and China are forming a new network and supply-demand relationship, especially in electro-mechanics. Trade activities in integrated circuit contributed a 3.2-percent increase to bilateral trade in the first half of this year.

Among ASEAN members, Vietnam recorded strongest trade growth with China, with an increase of 13.4 percent in the first eight months to 111.2 billion USD, followed by Malaysia with 31.2 billion USD./.

CPV (Source: VNA)
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