ASEAN’s 4-Trillion-Dollar Trade System: East-West Crossroads of Global Commerce
ASEAN has almost doubled its trade since 2010 and has strengthened ties with China and the U.S., cementing the bloc’s position as an East-West trading nexus.
ASEAN has almost doubled its trade since 2010 and has strengthened ties with China and the U.S., cementing the bloc’s position as an East-West trading nexus.
ASEAN’s trade has surged to nearly USD 4 trillion in 2024 while developing a uniquely balanced structure.
With Minerals & Fuels and Metals flowing out to Asia and manufactured goods flowing in, Australia’s trade profile is increasingly tied to China and Asian markets.
There are two distinct roles in the global minerals system: upstream exporters and downstream manufacturing hubs, whose demand for resources continues to rise.
In 2024, the top ten importers bought nearly USD 700 billion more than the top ten exporters supplied.
China’s import intensity peaked in 2006 and has steadily declined since then as domestic production capacity and internal demand expanded.
China’s trade as a share of GDP rose from 20% in 1980 to a peak of 64% in 2006 before falling to 37% in 2024 as the economy shifted toward domestic consumption.
China’s rise from a minor exporter to the centre of global manufacturing redefined world trade flows, reshaped supply chains and forced the global economy to evolve.
China’s accession to the WTO accelerated its shift from the “workshop of the world” to a central node of manufacturing, production and demand.
As the world’s leading importer, U.S. imports over nearly four decades have reflected the evolving patterns of global trade.