CHINA’S largest export market is no longer the United States and Europe. They’ve been overtaken by Southeast Asia.

China’s exports to the members of Association of Southeast Asian Nations (ASEAN)have soared to nearly US$600 billion a month, based on the 12-month moving averages compiled by HSBC Holdings.

That puts the 10-nation bloc well ahead of the United States and European Union, which have seen a steep drop in imports from China in 2023.

The shift has been helped by the Regional Comprehensive Economic Partnership, which took effect last year to become the world’s largest free-trade bloc, said HSBC chief Asia economist Frederic Neumann.

It’s also a testament to the reworking of global supply chains: parts sourced from China are increasingly moving to Southeast Asia for final assembly before being exported to the rest of the world, he said. (SD-Agencies)