ASEAN Trade in Goods

The total import and export turnover of goods between China and ASEAN in the first 7 months of 2024 reached more than 3,920 billion yuan, equivalent to more than 546 billion USD, up 10.5% over the same period last year.

China-ASEAN trade in goods in the first 7 months of 2024 reached more than 546 billion USD, up 10.5% over the same period in 2023.

According to newly released data from China Customs, in the first 7 months of 2024, ASEAN continued to be China's largest trading partner. Among ASEAN countries, Vietnam-China trade in 7 months reached a value of over 100 billion USD.

Specifically, the total import and export turnover of goods between China and ASEAN in the first 7 months of the year was more than 3,920 billion yuan, equivalent to more than 546 billion USD, up 10.5% over the same period last year.

In the first 7 months of the year, China-Vietnam trade increased the most in ASEAN by 24.1%, reaching nearly 113 billion USD, of which Vietnam exported 33.4 billion USD to China, up 7.6%, and imported 79.2 billion USD from China, up 34.9% over the same period in 2023.

The conflict between China and its two major trading partners, the EU and the US, has further motivated China to increase trade and investment in ASEAN. Chinese enterprises are investing heavily in Vietnam, Thailand, and Indonesia in the fields of new energy, electric cars, infrastructure, etc.

China has also become the largest import market for ASEAN's agricultural and processed seafood products.

ASEAN-China trade has been strongly promoted since the ASEAN-China Free Trade Agreement (ACFTA) came into effect in 2005. The ACFTA is one of Vietnam's best-utilized free trade agreements.

Tariffs on more than 7,000 product categories were reduced to zero, resulting in China becoming ASEAN's largest trading partner since 2009. In 2020, ASEAN surpassed the EU to become China's largest trading partner and maintained this position in the following years.

Thanks to ACFTA, trade between ASEAN and China has increased sevenfold, reaching 722 billion USD and 702 billion USD respectively in 2022 - 2023.

Currently, ASEAN and China are negotiating to upgrade the ACFTA. The 8th negotiation session to upgrade this FTA just ended on August 9 in Quang Ninh , Vietnam.

The upgraded FTA contributes to further deepening and expanding ASEAN-China economic relations. In addition to traditional areas such as trade in goods and investment, the upgraded ACFTA includes new areas such as supply chain connectivity, green economy, digital economy, etc.

China – ASEAN is a market area with a population of over 2 billion, accounting for 1/5 of the global economy, and also plays an important role in the global economic recovery. Promoting the restoration of economic activities and trade is the current priority between ASEAN and China.

Source: https://baodautu.vn/thuong-mai-hang-hoa-asean—trung-quoc-7-thang-dat-546-ty-usd-d222194.html