China-ASEAN Trade Transactions Increase 14.8 Percent

Illustration (doc. between)

BEIJING - China's trade value with ASEAN member countries during the January-February 2022 period was recorded at 137.16 billion US dollars. This value is calculated to grow by 14.8 percent when compared to the realization of trade value in the same period in 2021.

ASEAN is still in first place as the largest trading partner for China, but its position is closely affixed by the member countries of the European Union (EU).

"It is difficult to ascertain whether the shift in the position of ASEAN and the EU as China's largest trading partners is seasonal or trending," said Chinese Ministry of Commerce Spokesperson (Mofcom), Gao Feng, as quoted by Antara from local media, Saturday, March 19.

Previously, according to Feng, the EU had also been China's largest trading partner in the past few decades. However, since 2019, bilateral relations between China and ASEAN have shown a rapid improvement, which also has a positive impact on cooperation in the trade sector.

In 2019, the ASEAN-China trade value even directly penetrated the US$641.46 billion mark, surpassing the trade value of the United States (US) with China for the first time.

Meanwhile, in 2020 ASEAN still managed to rank first as China's trading partner with a value of 684.6 billion US dollars, as well as overtaking the position of the EU which was previously perched at the top.

Then in 2021, ASEAN for the second time surpassed the EU in trading partners with China, with a trade value of US$ 878.2 billion. Although the value of China's trade with the EU at that time also showed a significant increase, reaching 828.1 billion US dollars, up 27.5 percent compared to the 2020 period.

"China is willing to cooperate with the EU in supporting trade and investment liberalization, maintaining supply chain stability, and providing benefits to companies on both sides. China and the EU are the most important trading partners that mutually strengthen cooperation," said Feng.