ASEAN-China Trade Surpasses US$500bn in First Seven Months of 2024

• Sommana Yan
• 15 August 2024
• International News
• 2206 Views

In the first seven months of 2024, trade between ASEAN and China surged to an impressive 3.92 trillion yuan (US$546.6 billion), marking a 10.5 % year-on-year increase, according to statistics from the Chinese Customs Administration released by Cambodia’s Ministry of Information on 9 August 2024.

This remarkable growth underscores the deepening economic ties between the two regions, with China maintaining its position as ASEAN’s largest trading partner for the 15th consecutive year, and ASEAN holding its status as China’s top trading partner for the fourth year running,

China’s exports to ASEAN reached 2.36 trillion yuan, a 13.7% increase year-on-year, highlighting the robust demand for Chinese goods in the region. The trade revenue between the two parties accounted for 15.4% of China’s total international trade in 2023, rising to 15.8% in the first seven months of 2024.

Among ASEAN members, Vietnam, Malaysia, and Indonesia emerged as China’s top trading partners, with trade revenues climbing by 24.1%, 13.7%, and 4.1%, respectively. These figures emphasise the critical role that these nations play in strengthening the economic partnership between ASEAN and China.

• Business and Market
• Economy and Finance