China-ASEAN trade touches $544.9 bn during Jan-Jul 2022

30 Aug '22

1 min read

Pic: Shutterstock/ Freakeistein

China continues to be the top trading partner of the Association of Southeast Asian Nations (ASEAN) for 13 years in a row as trade carried out between both the parties from January to July 2022 amounted to $544.9 billion, which was an increase of 13.1 percent year-on-year. Bilateral trade between China and ASEAN accounted for 15 per cent of the country's total foreign trade.

The cumulative investment between ASEAN and its largest trading partner had crossed $340 billion as of the end of July 2022, Chinese media reports said quoting assistant commerce minister of China Li Fei. Chinese companies have also contracted infrastructure projects in ASEAN nations with a cumulative turnover exceeding $380 billion by the end of July 2022.

China will roll out measures, including professional online and offline trade matching and investment coordination services, to facilitate cooperation with ASEAN amid the upcoming 19^th China-ASEAN Expo, added Li.

China is set to offer special measures for goods from ASEAN countries regarding purchasing, transportation, customs clearance, duty-free services, and more.

The 19^th China-ASEAN Expo will be held from September 16-19, 2022, in Nanning, the capital city of China’s Guangxi Zhuang autonomous region.

Fibre2Fashion News Desk (NB)

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