ASEAN goods trade

The total import-export turnover of goods between China and ASEAN in the first 7 months of 2024 will reach more than 3.920 billion yuan, equivalent to more than 546 billion USD, an increase of 10,5% over the same period last year.

According to newly released data from China Customs, in the first 7 months of 2024, ASEAN continues to be China's largest trading partner. Among ASEAN countries, Vietnam - China trade in 7 months reached a value of over 100 billion USD.

Specifically, the total import and export turnover of goods between China and ASEAN in the first 7 months of the year is more than 3.920 billion yuan, equivalent to more than 546 billion USD, an increase of 10,5% over the same period last year.

In the first 7 months of the year, China-Vietnam trade increased the most in ASEAN by 24,1%, reaching nearly 113 billion USD, of which Vietnam exported 33,4 billion USD to China, an increase of 7,6%, and imported Export from China is 79,2 billion USD, an increase of 34,9% over the same period in 2023.

The conflict between China and its two major trading partners, the EU and the US, has further motivated China to increase trade and investment in ASEAN. Chinese businesses invest heavily in Vietnam, Thailand, Indonesia in the fields of new energy, electric cars, infrastructure...

China has also become the largest import market for processed agricultural and seafood products in ASEAN.

ASEAN and China trade has been strongly promoted since The ASEAN-China Free Trade Agreement (ACFTA) was put into effect in 2005. The ACFTA Agreement is one of the free trade agreements with a good utilization rate in Vietnam. 

Tariffs on more than 7.000 product categories were reduced to zero, leading to China becoming ASEAN's largest trading partner since 0. In 2020, ASEAN surpassed the EU to become China's largest trading partner and maintained this position in the following years. 

Thanks to ACFTA, trade between ASEAN and China has increased sevenfold, reaching 722 billion USD and 702 billion USD in 2 - 2022, respectively.

Currently, ASEAN and China are negotiating to upgrade ACFTA. The 8th negotiation session to upgrade this FTA just ended on August 9 in Quang Ninh, Vietnam.

Upgrading FTA contributes to further deepening and expanding economic relations ASEAN-China. Besides traditional areas such as trade in goods and investment, the upgraded ACFTA Agreement includes new areas such as supply chain connection, green economy, digital economy...

China - ASEAN is a market area with more than 2 billion people, accounting for 1/5 of the global economic scale and also plays an important driving force for global economic recovery. Promoting the restoration of economic and trade activities is the current priority between ASEAN and China.

Source: Vietnam.vn