Guangxi ASEAN trade value increases 63.8pc in first 10 months

SOUTH China's Guangxi posted a year-on-year growth of 63.8 per cent in trade value with ASEAN to US$7.46 billion in the first 10 months as the Free Trade Area (FTA) continues to build momentum, reports Xinhua.

The amount accounts for 40 per cent of Guangxi's total foreign trade value. The exports to ASEAN grew 72.2 per cent to $5.24 billion while the imports from ASEAN increased 47 per cent to $2.22 billion.



China and ASEAN nations have witnessed continuous growth of bilateral trade since the FTA was launched at the beginning of last year, said Xu Ningning, executive secretary general of China-ASEAN Business Council.



Bilateral trade value totalled $292.78 billion last year, up 37.5 per cent from a year ago. The amount topped that of previous years. Trade value of China and ASEAN reached $295.9 billion in the first 10 months of this year, up 25.7 per cent year on year.



Under the FTA accord, the average tariff on goods from ASEAN countries to China is reduced to 0.1 per cent from 9.8 per cent.