It’s now official – ASEAN has become China’s largest trading partner for the first time in history according to just released economic data just released by China.

ASEAN has surpassed China’s other top trading partners – the EU, the US, Japan and South Korea. Trade volumes in 2020 hit USD$731.9, achieving growth of 7% YOY.

China has already been ASEAN’s largest trade destination for the past 12 years, and the news continues the trend of closer regional trade cooperation, in the wake of the ratification of the Regional Comprehensive Economic Partnership (RCEP) last November.