China’s trade volume with the member states of the Association of Southeast Asian Nations (Asean) increased by 8.2% year-on-year in January-July, reaching US$596.99 billion (RM2.5 trillion), according to TASS news agency, citing the General Administration of Customs of China.
Chinese exports to Asean countries rose by 13.5%, totalling US$377.03 billion. The flow of goods in the opposite direction grew by just 0.2%, reaching US$219.96 billion. As a result, China’s trade surplus for the reporting period amounted to US$157.07 billion, an increase of 40.6% compared to January-July 2024.
In July alone, China’s trade turnover with Asean amounted to US$86.03 billion, down 5.2% from June.
TASS reported Vietnam remains China’s leading trading partner among Asean members. From January through July, bilateral trade between the two countries reached US$161.02 billion (up 11.2%). Chinese exports to Vietnam totalled US$110.06 billion, marking a 20.7% increase, while imports from Vietnam declined by 5.1% to US$50.96 billion.
Vietnam is followed by Malaysia (US$116.83 billion) and Thailand (US$89.41 billion) in terms of trade volume with China among Asean countries over the seven-month period.
Asean, along with the European Union, the United States and Russia, is considered one of China’s key foreign trade partners. In 2023, China’s trade with Asean members declined by 4.9%, but rebounded in 2024 with a 7.8% increase, reaching US$982.33 billion.
Source: theedgemalaysia