ASEAN Is Now China's Biggest Export Market

China's largest export market has shifted from the United States and Europe to Southeast Asia.

Shipments from China to the member countries of the Association of Southeast Asian Nations (ASEAN) have surged to nearly $600 billion per month.

Shipments from China to the member countries of the Association of Southeast Asian Nations (ASEAN) have surged to nearly $600 billion per month based on 12-month moving averages compiled by HSBC Holdings Plc.

This places ASEAN ahead of the US and the European Union (EU) in terms of imports from China, which have experienced a significant decline in 2023.

Several factors have contributed to this shift, including the implementation of the Beijing-led Regional Comprehensive Economic Partnership (RCEP), which became the world's largest free-trade bloc.

Additionally, global supply chains have been reconfigured, with components sourced from China being transported to Southeast Asia for final assembly before export to other parts of the world.

This shift underscores the growing importance of intra-Asian trade and the strong trade corridor between ASEAN and mainland China.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem