"ASEAN`s trade with China reached a total value of 230 billion US dollars last year, making China the largest trading partner of ASEAN today," said Indonesian Deputy Trade Minister Mahendra Siregar on the sidelines of an ASEAN-China ministerial meeting of ASEAN-43 here Friday.
He said during 2010 the total value of ASEAN exports to China reached 113.5 billion US dollars, up 39.1 percent from a year earlier while ASEAN imports from China totaled 117.7 billion US dollars, up 21.8 percent from 2009.
ASEAN`s overall trade balance with China experienced a slight deficit last year, as for Indonesia-China trade recorded a pretty large deficit value of 4.73 billion US dollars in 2010.
The trade imbalance which emerged after the ASEAN-China free trade agreement was adopted disturb the survival of the domestic industry players, mainly small and medium industries in Indonesia.
Earlier, China had offered to help resolve the trade imbalances that had arisen after the implementation of the ASEAN-China free trade agreement.
"China has expressed readiness to facilitate increased market access for ASEAN exporters who want to enter the China market, especially small and medium businesses, as competition to enter the Chinese market is very tight and requires facilitation," he said.
The assistance provided by China, namely in the form of soft loans for infrastructure improvements for ASENA member countries.
According to Ministry of Commerce`s official data, by 2008 Japan was still ASEAN`s largest trading partner with total trade value of 211.7 billion U.S. dollars.
China was the third largest ASEAN trading partner after Japan and the European Union with a total trade value reached 192 billion U.S. dollars or 11 percent of ASEAN`s total trade with outsiders.
(Uu.A050/HAJM/S012)
Editor: Priyambodo RH
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