-
China can't rely on Southeast Asian exports to offset a U.S. slowdown
China can’t easily rely on its neighbors as export markets in a global slowdown, the latest trade data show. Exports to the Association of Southeast Asia Nations have been growing. The 10-member bloc surpassed the European Union during the pandemic to become China’s largest trading partner on a regional basis. Data showed that exports to Southeast Asia fell by 16% in May compared to a year ago, dragging down China’s overall exports. Exports to the U.S. — China’s largest trading partner on a single-country basis — fell by 18% from a year ago in U.S. dollar terms in May. That’s according to official ... (full story)