The Association of Southeast Asian Nations (ASEAN) became China’s second-largest trading partner in the first half of 2019, overtaking the U.S. for the first time since 1997.
In the first half of this year, China’s trade with ASEAN rose 10.5 percent to nearly 2 trillion yuan, accounting for 13.5 percent of the country’s total trade volume, according to China’s customs data.
During the same period, China’s trade with the U.S. dropped 9 percent to 1.8 trillion yuan, accounting for 12 percent of the country’s total trade volume.
In June, China’s exports to the U.S. fell by 8 percent year-on-year, and imports from the U.S. slumped by 31 percent, customs data showed.
The shift is underpinned by China-ASEAN strategic mutual trust, expanded interests from economic and trade cooperation, and shared aspirations for safeguarding multilateralism.
Meanwhile, the Belt and Road Initiative (BRI) has become a new highlight of China-ASEAN economic cooperation.
The ASEAN region has witnessed the most remarkable outcomes and potential in regards to BRI, Huang Xilian, Chinese Ambassador to ASEAN said at a seminar on ASEAN-BRI relations held in Jakarta, capital of Indonesia, on June 25.