China’s largest trading partner in the first quarter of 2024 was the Association of Southeast Asian Nations (ASEAN) region, according to statistics. Trade between China and its neighboring ASEAN countries amounted to 2.08 trillion yuan, nearly $300 billion, representing an 8.5% increase on an annual basis and accounting for 15.85% of China’s total foreign trade during this period.
In this way, the bloc has become China’s number one trading partner, surpassing the European Union (EU) and the United States, which rank second and third, respectively. While trade between the EU and China decreased by 1.8%, a slight increase of 1.1% was observed in US-China trade last year.
ASEAN, consisting of Brunei, Myanmar (Burma), Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, maintains strong economic ties with China, often conducting trade in Chinese yuan.
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South Korea has also become China’s fourth largest trading partner in terms of size from January to April 2024. China is expanding its links with other developing countries through the Belt and Road Initiative (BRI), seeking new agreements across Asia, Africa, and Latin America, even as it strives to conclude new agreements that complement existing bilateral agreements with ASEAN member states.
A significant portion of trade between the region and China is attributed to mechanical and electrical products, which accounted for nearly 60% of China’s exports in the first quarter of 2024. Chinese private enterprises are experiencing a sharp increase in orders from ASEAN countries, driven by demand for electronics.
This trend indicates a strengthening of trade relations between the countries, supporting China’s economy in overcoming challenges in the global market. The continued growth of trade is expected to enhance economic resilience and recovery in China. 