In recent years, the bilateral trade volume between China and ASEAN has increased rapidly. China has become ASEAN’s largest trading partner for six consecutive years, and ASEAN has been China’s third largest trading partner for four consecutive years. The negotiations for the upgrade of the China-ASEAN Free Trade Area have been successfully completed. According to statistics from the Ministry of Commerce of the People's Republic of China, the trade volume between China and ASEAN exceeded 480 billion U.S. dollars in 2014, more than 70 times more than in 1991.
In recent years, the bilateral trade volume between China and ASEAN has increased rapidly. China has become ASEAN’s largest trading partner for six years in a row. ASEAN has become China’s third largest trading partner for four years in a row. The China-ASEAN Free Trade Area renewal negotiations have been successfully completed. . According to statistics from the Ministry of Commerce of the People's Republic of China, in 2014, the trade volume between China and ASEAN exceeded 480 billion U.S. dollars, an increase of 70 times over 1991. In the first 10 months of 2015, the bilateral trade volume reached 379.2 billion U.S. dollars, and by 2020 bilateral trade volume will reach 1 trillion U.S. dollars.
For the fastener industry, the bilateral trade volume between China and ASEAN increased rapidly in recent years. China has become the main fastener trader of ASEAN.
One of the companions.
According to customs statistics, from January to November 2015, among the fastener source regions in China, the top 20 ASEAN countries included Malaysia (734,633 kg, US$42,435,601), Thailand (1,220,593 kg, US$22,437,474) and Singapore. (318,755 kg,
16,550,925 US dollars). In addition, there are many fasteners imported from Indonesia (155,173 kg, US$1,299,646) and Vietnam (283,888 kg, US$2,572,345).
On the export side, among the fastener export destinations in China, the top 20 ASEAN countries have Vietnam (45,962,948 kilograms,
USD 145,937,190), Singapore (41,081,004 kg, USD 91,552,856), Malaysia (45,425,506 kg,
USD 85,662,709), Thailand (38,330,323 kg, USD 85,490,159). In addition, many Chinese fasteners are exported to Indonesia
(29,914,462 kg, $58,094,622) and the Philippines (26,287,942 kg, 46,128,181).
At present, the total GDP of ASEAN member countries ranks seventh in the world. It is expected that before 2030, AEC’s labor force will increase by 70 million people. Under the advantages of abundant young labor force, large middle-class consumer population, and increased demand for infrastructure construction, AEC will become a huge emerging consumer demand and investment market. The establishment of the ASEAN Community will bring a new round of “golden opportunities” for Chinese fastener companies to invest in Southeast Asia. The expansion of Chinese fastener companies in ASEAN business will be greatly stimulated.