ASEAN Remains China’s Largest Trading Partner in Jan-July

By / SSTV / Updated: 11:09,10-August-2022

Statistics from the General Administration of Customs of China show that in the first five months of this year, China's foreign trade value reached 23.6 trillion yuan, an increase of 10.4% year-on-year. The ASEAN remained China's largest trading partner, and the trade value between the two sides was 3.53 trillion yuan, an increase of 13.2% year-on-year, accounting for 15% of China's total. During the same period, China's imports and exports to countries involved in the Belt and Road Initiative reached 7.55 trillion yuan, up 19.8%. Specifically, the value of exports hit 4.27 trillion yuan and imports reached 3.28 trillion yuan, both recording a rise of 19.8% year-on-year.

Vietnam's Coffee Exports to China Sharply Increasing 

According to the Trade Promotion Agency of Vietnam’s Ministry of Industry and Trade, the country’s exports of coffee reached $2.6 billion in the first 7 months of this year, an increase of 46.2% year-on-year. The growth has hit a 5-year record. The figure was mainly driven up by the growing demand of the Chinese market. Data from the Chinese Coffee Importers' Association show that China's coffee consumption is growing at an average annual rate of 15%. Its coffee supplies are from nearly 80 countries. At present, Vietnam has ranked among the top 10 coffee exporters to the Chinese market.

Indonesia's Economic Development Faces Outside Challenges

Indonesia's Finance Minister Sri Mulyani Indrawati said that the country’s economic development is mainly hindered by outside challenges, including the uncertain geopolitical environment and the policies made by developed countries. The uncertain geopolitical environment caused by the conflict between Russia and Ukraine has led to rising energy, food and fertilizer prices, which have a great impact on the Indonesian economy. The Fed's decisions to raise interest rates have also created challenges to developing countries including Indonesia.



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