ASEAN remains China’s largest trading partner in the first half of 2022
International Business News – Xu Ningning, executive director of the China-ASEAN Business Council, said recently that in the first half of 2022, ASEAN will continue to be China’s largest trading partner, and the year-on-year growth rate of China-ASEAN trade is faster than the average growth rate of China’s foreign trade.
The China-ASEAN Business Council is one of the dialogue and cooperation mechanisms between China and ASEAN countries. Xu Ningning said that in the first half of this year, China’s top three trading partners were ASEAN, the European Union and the United States; the trade volume between China and ASEAN was US$458.55 billion, an increase of 11.5% year-on-year; the trade volume between China and the EU was US$420.6 billion, an increase of 8.4% year-on-year ; the trade volume between China and the United States was 383.93 billion US dollars, a year-on-year increase of 12.7%.
Xu Ningning introduced that in the first half of this year, trade between China and ASEAN accounted for 14.9% of China’s total foreign trade. Among the ten ASEAN countries, China and Vietnam have the largest trade surplus of US$31.81 billion, accounting for about 47% of the total surplus between China and ASEAN; China and Malaysia have the largest trade deficit of US$8.9 billion.
Xu Ningning also pointed out that in the first half of this year, the trade volume between China and South Korea was US$184.25 billion, a year-on-year increase of 9.4%; the trade volume between China and Japan was US$177.14 billion, a year-on-year decrease of 2.1%; the trade volume between China and Australia was 106.47 billion US dollars, a year-on-year decrease of 3.1%;the trade volume between China and New Zealand was US$12.93 billion, a year-on-year increase of 7.6%. Among China’s trade with other RCEP countries, China has the largest trade surplus with Vietnam; China has the largest trade deficit with South Korea at US$21.58 billion.
In the trade between China and other RCEP countries, the top three countries in terms of import and export trade volume are South Korea, Japan and Vietnam, the top three countries in export volume are Japan, South Korea and Vietnam, and the top three countries in import volume are South Korea, Japan and Australia.
Xu Ningning, who has been engaged in the promotion of China-ASEAN business cooperation for more than 30 years, said that since the beginning of this year, the expansion of ASEAN’s manufacturing industry has meant an increase in demand for Chinese products. China and ASEAN political and commercial communication, the two sides have the institutional arrangements of free trade agreements, economic and trade complementarity, have the advantages of cooperation in terms of location and supported by connectivity, These have made China-ASEAN economic and trade cooperation continue this year. Vitality.