Business / Economy

Trade between China, ASEAN dips during Jan-May

(Xinhua) Updated: 2016-07-19 13:24

BEIJING - Bilateral trade between China and ASEAN has boomed during the past 25 years, but declines were reported this year because of the febrile global economy, a senior official said Tuesday.

Bilateral trade between China and ASEAN rose to $472.16 billion in 2015 from $7.96 billion in 1991, with an annual growth rate of 18.5 percent, Vice Commerce Minister Gao Yan said at a news conference.

During the Jan-May period, bilateral trade fell 7.1 percent year on year to $173.57 billion.

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 billion, with ASEAN remaining a major destination for Chinese companies.

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