China, Asean trade dips

China, Asean trade dips
China Asean trade dips

BEIJING: Bilateral trade between China and the Association of South East Asian Nations (Asean) has declined this year due to a weak global economy, a senior official said on Tuesday.

Bilateral trade between China and Asean rose to $472 billion in 2015 from $7 billion in 1991, with an annual growth rate of 18.5%, Vice Commerce Minister Gao Yan said at a news conference.

During the January-May 2016 period, bilateral trade fell 7.1% year-on-year to $173 billion, Xinhua news agency reported.

The two sides are trying their best to get bilateral-trade growth back on track as soon as possible, Gao said.

China currently is Asean's biggest trading partner, while Asean is China's third biggest.

By the end of May, two-way investment had exceeded $160 billions, with Asean remaining a major destination for Chinese companies.

China Asean trade dips