Core Insights - In 2024, Shanghai's imports and exports with ASEAN grew by 6.9% compared to 2023, with a notable 7.1% increase in the first quarter of 2025, indicating a stable cooperation between China and foreign partners [1] - The implementation of the Regional Comprehensive Economic Partnership (RCEP) and the China-ASEAN Free Trade Area (CAFTA) has significantly contributed to the growth of trade between Shanghai and ASEAN [1] - The complementary industrial structure and differences in industrial division between Shanghai and ASEAN serve as intrinsic drivers for the sustained growth in trade [2] Trade Performance - In 2024, Shanghai exported electrical and mechanical products worth 162.63 billion yuan to ASEAN, a 15.1% increase from 2023, accounting for 63.9% of total exports to ASEAN [2] - Imports of electrical and mechanical products from ASEAN reached 166.55 billion yuan, a 3.7% increase from 2023, making up 50.8% of total imports from ASEAN [2] - The trade balance shows a slight deficit, indicating close cooperation in relevant industrial sectors between Shanghai and ASEAN [2] Key Trade Partners - The top three trade partners for Shanghai within ASEAN in 2024 were Vietnam, Singapore, and Malaysia, with trade values of 132.5 billion yuan, 119.55 billion yuan, and 112.33 billion yuan respectively, reflecting growth rates of 17.7%, 11.2%, and 5.1% compared to 2023 [3] - Indonesia, as a significant emerging market, had trade with Shanghai amounting to 82.35 billion yuan in 2024, with a substantial 22% increase in the first quarter of 2025 [3] - The total trade volume of 582.79 billion yuan between Shanghai and ASEAN accounted for 13.7% of Shanghai's total foreign trade, an increase of 0.7 percentage points from 2023, making ASEAN the second-largest trade partner after the EU [3]
上海与东盟进出口持续增长显示中外合作“稳定力量”
Xin Hua Cai Jing·2025-05-05 05:12