ASEAN is currently emerging as a global trade beacon. The bloc is expanding its trade relations with China, with new data indicating a blooming trade relationship. In the past seven months, nearly $500 billion worth of trade has been conducted between ASEAN and China, a metric that continues to surge higher with each passing day.
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ASEAN China Trade Blooms On A Meteoric Level
The Association of Southeast Asian Nations has consistently maintained its stature as China’s leading trade partner. The trade metrics between China and ASEAN have reached a historic $596 billion in the first seven months of 2024.
According to data from the Chinese General Administration of Customs, this new development marks a 10.5% increase in bilateral trade relations between ASEAN nations and China.
GAC further reports that China’s exports to ASEAN now account for 2.36 trillion Chinese yuan, a stark 13.7% year-on-year growth. On the other hand, ASEAN is now China’s fourth-leading trade partner.
In 2023, the trade proceedings between China and the bloc accounted for 15.4% of China’s total international trade value. In 2024, the metrics now signal a spike of 15.8%, indicative of a robust trade relationship that China and ASEAN nations are harbouring.
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South East Asia’s Positioning In Global Power Grid
Prominent ASEAN nations like Vietnam, Malaysia, and Indonesia have emerged as the top trading partners of China. According to the World Economic Forum, ASEAN has been dubbed a dark horse for the world to bank on. Per WEF, ASEAN nations have been pioneering digital advancements, with Singapore and Thailand taking the front lead.
While Thailand is being dubbed the Detroit of Asia due to its stellar manufacturing capabilities, Singapore, on the other hand, is being heralded as a centre of technological innovations.
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Vietnam is also emerging as a strong contender, a top choice for nations to secure trade proceedings related to electronics and textile industries.
