Bilateral Trade Between China and ASEAN Records Steady Growth of 11% Per Annum Over Two Decades
The 21st China-ASEAN Expo, a key event showcasing the flourishing trade and economic ties between China and the Association of Southeast Asian Nations (ASEAN), is set to take place in Nanning, Guangxi, from September 24 to 28. This significant milestone comes as data from customs authorities reveals that bilateral trade between China and ASEAN has experienced robust growth over the past two decades, averaging a remarkable 11% increase each year.
Bilateral Trade Doubles in Size, Outpacing China’s Overall Trade Growth
According to official statistics, trade volume between China and ASEAN countries has surged from 876.38 billion yuan in 2004 to a staggering 6.41 trillion yuan in 2023, marking a 20-year compound annual growth rate of 11%. This growth rate is notably higher than the average expansion of China’s overall foreign trade, which grew at a rate of 8% during the same period. Consequently, the proportion of ASEAN trade in China’s total foreign trade has increased from 9.2% in 2004 to 15.4% in 2023.
In the first eight months of 2024, China’s trade with ASEAN reached 4.5 trillion yuan, growing by 10% year-on-year. This accounted for 15.7% of China’s total foreign trade volume, with ASEAN remaining China’s largest trading partner. China’s exports to ASEAN stood at 2.69 trillion yuan, up 13.1%, while imports from ASEAN reached 1.81 trillion yuan, a 5.7% increase.
Key Features of China-ASEAN Trade Growth
The trade surge between China and ASEAN is characterized by several notable trends:
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Vibrant Trade by Private Enterprises: Leveraging the benefits of China-ASEAN free trade cooperation, private companies have actively expanded their trade with ASEAN, contributing significantly to the overall trade volume.
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Close Cooperation in Industrial Chains and Supply Chains: China and ASEAN have capitalized on their respective industrial strengths, enhancing cooperation in sectors such as electronics, automobile manufacturing, and textile apparel. This has led to a rapid increase in trade of intermediate goods.
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Complementary Agricultural Trade: Agricultural cooperation between China and ASEAN has expanded, with ASEAN becoming China’s second-largest source of agricultural imports. Key imports include fruits, palm oil, and aquatic products.
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Smart Border Trade Facilitation: The ongoing construction of smart border ports, such as the Youyi Pass Port in Pingxiang, Guangxi, is expected to streamline customs clearance and trade processes through advanced technologies like satellite navigation and 5G.
The Role of the China-ASEAN Expo
The China-ASEAN Expo, first held in 2004, has played a pivotal role in deepening economic ties between China and ASEAN. The event provides a platform for trade, investment, and cultural exchanges, contributing to the growth of bilateral trade and economic cooperation. The upcoming 21st edition of the expo is anticipated to further strengthen these ties, reflecting the enduring and mutually beneficial partnership between China and ASEAN.
The steady growth of bilateral trade between China and ASEAN over the past two decades highlights the success of their economic cooperation and underscores the importance of the China-ASEAN Expo as a facilitator of this partnership. As the two sides continue to deepen their trade and investment links, the future of China-ASEAN economic relations looks promising, with the potential for even greater collaboration and mutual benefits.
Conclusion
The China-ASEAN Expo, now in its 21st year, stands as a testament to the vibrant and growing trade relationship between China and ASEAN. With bilateral trade growing at an impressive rate, the event serves as a crucial platform for fostering deeper economic ties and exploring new opportunities for cooperation. As China and ASEAN continue to strengthen their partnership, the prospects for further trade expansion and mutual economic growth are bright, setting the stage for a prosperous future in the region.
For more detailed information and updates on the China-ASEAN Expo and the latest developments in China-ASEAN trade, please refer to the official sources and announcements. This article provides a snapshot of the current state of bilateral trade and the significance of the China-ASEAN Expo in promoting economic cooperation between the two regions.
Disclaimer: The information provided in this article is based on the latest available data and official statements. For the most current and accurate information, please consult the official websites and publications of the China-ASEAN Expo and relevant customs authorities.
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