How has China-ASEAN trade volume grown since 2004?

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China-ASEAN Trade Volume Has Surged Significantly Since 2004

Bilateral trade between China and the Association of Southeast Asian Nations (ASEAN) has experienced substantial growth since 2004, reaching nearly US$1 trillion by 2022. This expansion has solidified China's position as ASEAN's largest trading partner for 14 consecutive years, while ASEAN has held the same status for China for the past three years. This increasing trade volume is facilitated by preferential trade agreements such as the China-ASEAN Free Trade Agreement (CAFTA) and the Regional Comprehensive Economic Partnership (RCEP).
Trade Volume Reached US$975.34 Billion in 2022

The trade volume between China and ASEAN has seen a remarkable increase from approximately US$100 billion in 2004 to US$975.34 billion in 2022. This growth underscores the deepening economic integration between the two regions over the past two decades.
CAFTA and RCEP Facilitate Trade Growth

The implementation of the China-ASEAN Free Trade Agreement (CAFTA) in 2010 and the subsequent Regional Comprehensive Economic Partnership (RCEP) in 2022 have been instrumental in reducing trade costs and enhancing supply chain development. For instance, Texhong International Group Limited has benefited from preferential tariff policies, receiving US$2.5 million in tax breaks for goods declared with Dongxing Customs in the first eight months of the year due to these agreements.
China and ASEAN as Largest Trading Partners

China has consistently been ASEAN's largest trading partner for 14 consecutive years, highlighting the significance of the Chinese market for Southeast Asian economies. Concurrently, ASEAN has maintained its position as China's largest trading partner for the last three years, demonstrating a strong and balanced trade relationship.
China-ASEAN Expo Boosts Regional Cooperation

Platforms like the China-ASEAN Expo (CAEXPO) have played a crucial role in promoting and facilitating the flow of goods, showcasing products from ASEAN nations like Vietnamese durian, Thai mangosteen, and Indonesian coffee to Chinese consumers. This event, along with the trade agreements, broadens the scope for regional economic cooperation and contributes to regional prosperity and stability.

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How has China-ASEAN trade volume grown since 2004?

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