ASEAN Countries Become China's Top Trader Partners in Q1
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The ASEAN countries exceeded the European Union in the first quarter, becoming China's top trade partner in the first quarter of 2020 with a total trade value of Yuan 991.3 billion (convert to $140.6) or 15.1% of China's total, according to the latest statistics from the China's General Administration of Customs (GACC) on April 14.
The foreign trade between China and the ASEAN countries grew 6.1% on year as against the 6.4% year-on-year decline in China's total foreign trade value to Yuan 6.57 trillion in the first quarter, and "Belt and Road Initiative" (BRI) countries remained China's strategic partners too, as the foreign trade increased 3.2% on year to Yuan 2.07 trillion.
Table-China's foreign trade with key partners in Q1
| Country/Region | Trade value (bln) | YoY change |
| ASEAN | 991.3 | 6.1% |
| EU | 875.9 | -10.4% |
| US | 668 | -18.3% |
| Japan | 465.7 | -8.1% |
Source: GACC
Despite an overall decline for the first quarter, China's foreign trade decline slowed down in March, compared with the 9.6% drop on year for January-February, indicating that China had been gradually recovering from the impact of the COVID-19, and Beijing had implemented a series of measures to stabilize the foreign trade, Li Kuiwen, GACC's spokesman, shared at a press conference on Tuesday.
In March alone, China's foreign trade totaled Yuan 2.45 trillion, down merely 0.8% on year and the market started to show signs of improvement in mid and late March, he added, which enabled the country's foreign trade to return to a surplus of 98.3 billion, as against a deficit of Yuan 42.6 billion for January-February, with its exports totalling Yuan 3.33 trillion, down 11.4% on year and imports reaching Yuan 3.24 trillion, down 0.7% on year for the first quarter.
In Q1, China's private-owned enterprises remained China's pillars in foreign trade, accounting for 42.4% of the country's total, or 1.9 percentage point higher on year, though their foreign trade value declined 2% on year to Yuan 2.78 trillion.
By different means and commodities, machinery, electrical and electronic products exports totaled Yuan 1.95 trillion, down 11.5% on year but kept its dominant position, contributing to 58.5% of China's total exports value.
