China’s largest trading partner in the first quarter 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, or 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 (EU) became China’s largest trading partner, second only to the EU and the United States, which ranked second and third respectively. Last year, EU trade with China decreased by 1.8%, while US trade with China slightly increased by 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 trades in Chinese yuan.
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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 existing bilateral agreements.
Most of the trade between this region and China is driven by electromechanical 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, supporting China’s economy in overcoming challenges in the global market. Continued trade growth is expected to enhance the resilience and recovery of the Chinese economy.
