原标题：China’s economic growth becomes a key external factor for ASEAN
Sputnik reported last month that in regard of the latest official statistics, Southeast Asian countries’ exports are growing on the back of China’s sharp rebound from the COVID-19 pandemic, brightening the region’s economic prospect.
(ASEAN Top Ten Destinations of Exports of Goods, 2019, Source: The ASEAN Secretariat)
According to the ASEAN Secretariat, China accounted for 14.2% of total ASEAN exports in 2019, topping the U.S. at 12.9% and the European Union at 10.8%.
China recently released its gross domestic product, marking a year-on-year growth of 18.3% in the first quarter of 2021, versus the 6.8% contraction over the same period in 2020 due to the impact of the pandemic. It is believed that China is providing a tailwind with its brisk growth and steady outlook.
Taking Singapore for an example, its benchmark non-oil domestic exports grew 12.1% in March from the past year, while China-bound non-oil exports increased by an impressive 46.4%, which brings a relief for the city-state’s record 5.4% GDP contraction last year.
As for Indonesia, its total exports grew 30.5% year on year in March, during which China remained the largest export destination. Non-oil and gas exports to China grew over 80% in March alone, compared with a year earlier.
These are part of the new hopes raised by the Regional Comprehensive Economic Partnership (RCEP) signed last November for greater trade momentum in the region. Last month, China completed the official RCEP ratification process, becoming the second country to do so after Singapore. The trade pact is expected to be the biggest one in Asia, which is going to take effect in January 2022.
Find the original article at http://sputniknews.cn/foreignmedia/202104201033522699/
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