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China can’t rely on Southeast Asian exports to offset a U.S. slowdown


Pictured here is a cargo ship sailing from China’s Yantai port to Indonesia on April 23, 2023.Future Publishing | Future Publishing | Getty ImagesBEIJING — China can’t easily rely on its neighbors as export markets in a global slowdown, the latest trade data show.Exports to the Association of Southeast Asia Nations have been growing. The 10-member bloc surpassed the European Union during the pandemic to become China’s largest trading partner on a regional basis.Data showed that exports to Southeast Asia fell by 16% in May compared to a year ago, dragging down China’s overall exports.Exports to the U.S. — China’s largest trading partner on a single-country basis — fell by 18% from a year ago in U.S. dollar terms in May. That’s according to official figures accessed through Wind Information.At $42.48 billion, the U.S. exports in May were more than the $41.49 billion China exported to Southeast Asia that month, according to customs data.Southeast Asia can’t fully offset …

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