On October 14, during a press conference held by the State Council Information Office in Beijing, Wang Lingjun, the Deputy Director of the General Administration of Customs, provided insights into China’s trade with ASEAN for the first three quarters of 2024. He reported that trade between China and ASEAN reached 5.09 trillion yuan, marking a 9.4% increase—outpacing the overall national growth rate by 4.1 percentage points.

When asked about the trade dynamics between China and ASEAN this year, Wang revealed that exports amounted to 3.02 trillion yuan, reflecting a 12.3% increase, while imports reached 2.07 trillion yuan, growing by 5.4%.

Wang highlighted the favorable development of trade relations between China and ASEAN, attributing this growth to several key factors:

First, the substantial markets on both sides provide robust support for bilateral trade. China and ASEAN have deepened practical cooperation, with both regions having remained each other’s largest trading partners for four consecutive years. The future implementation of the upgraded China-ASEAN Free Trade Area Version 3.0 agreement is expected to inject additional momentum into the development of this vast market.

Secondly, multidimensional connectivity has enhanced the efficiency of trade exchanges. Key land ports are bustling with activity; in the first three quarters, trade through the Friendship Pass—the largest land port between China and Vietnam—reached 336.34 billion yuan, a growth of 15.6%. The ongoing construction of smart ports in the China-Vietnam corridor is set to further accelerate bilateral trade using advanced digital and intelligent technology. Additionally, rail connectivity continues to expand, with cargo volume through the China-Laos Railway hitting 3.766 million tons, up by 15%, and export-import value soaring by 50.7%. The maritime routes are also becoming increasingly dense, with 35 shipping lines now connecting Beibu Gulf Port and ASEAN countries, leading to a 12.8% rise in trade through this port.

Moreover, collaboration in industrial chains has deepened, resulting in rapid growth in the trade of intermediate goods. In sectors such as electronics, automotive manufacturing, and textiles, the trade of intermediate goods between China and ASEAN has significantly expanded. During the first three quarters, the import-export value of intermediate goods reached 3.23 trillion yuan, comprising over 60% of the total 5.09 trillion yuan trade volume, with a 9% growth rate. Specifically, electronic components like computer accessories, flat display modules, and integrated circuits saw increases of 63.9%, 22.2%, and 13%, respectively.

Finally, the complementary advantages in consumer goods and agricultural products have diversified choices on both sides. China imported agricultural products from ASEAN worth 184.83 billion yuan, making ASEAN the second-largest source of agricultural imports for China. Newly accessible products like Malaysian fresh durians, Bruneian seafood, and Vietnamese coconuts have enriched domestic consumer options. Conversely, ASEAN remains the largest export market for Chinese agricultural products, with fruits like citrus and pears, as well as vegetables such as garlic and onions, enjoying significant popularity in ASEAN markets. For the first three quarters, exports of dried and fresh fruits and vegetables to ASEAN rose by 18.4% and 15.5%, respectively.

As the trade landscape evolves, these partnerships continue to strengthen economic ties between China and ASEAN, paving the path for future collaboration.