On October 16, in Fuzhou, a representative from China News Service, Long Min, reported that the impact of the Regional Comprehensive Economic Partnership (RCEP) continues to foster a closer economic relationship between Fujian Province and ASEAN member countries. The increasing depth of industrial cooperation in the region is becoming a significant driver of economic growth. According to Fujian’s commerce department, the total value of imports and exports between Fujian and ASEAN countries reached 329.28 billion yuan (approximately $46.3 billion) in the first three quarters of this year, marking a 10.2% increase year-on-year.
When examining the scale of trade, Indonesia, Malaysia, and Vietnam are identified as Fujian’s top three trading partners within ASEAN, collectively accounting for 61.7% of Fujian’s total trade with the region. In terms of growth rate, trade with Laos, Singapore, and Cambodia has surged, with respective increases of 195%, 116%, and 37.6% year-on-year.
Fujian’s private enterprises are breathing new life into trade with ASEAN countries. Statistics show that in the first three quarters of this year, the trade value of Fujian’s private companies with ASEAN reached 216.63 billion yuan, up 19.5% compared to last year, and this figure represents 65.8% of Fujian’s total trade with ASEAN.
“The company has proactively adjusted our marketing strategies based on changes in the international market, actively exploring new markets, and placing emphasis on investment and innovation in research and development,” said Chen Jian, the customs officer at Xiamen Chengshin Rubber Industry Co., Ltd. He noted that from January to August this year, the company’s exports of all-steel radial tires exceeded 100 million yuan, reflecting a year-on-year growth of about 23%, particularly with exports to Indonesia more than doubling.
With the assistance of the RCEP, Fujian’s rubber tire exports are on an upward trajectory. Chen added that by selecting the optimal preferential trade agreements based on origin rules, they aim to secure greater benefits for their customers. Last year, clients utilizing origin certificates enjoyed tariff reductions on imports valued at over 100 million yuan.
Exports of electromechanical and labor-intensive products are significantly driving stable growth in Fujian’s trade with ASEAN. Customs officials reported that in the first three quarters of this year, exports of electromechanical products to ASEAN amounted to 74.62 billion yuan, a 19.5% increase year-on-year. Additionally, exports of labor-intensive products reached 63.29 billion yuan, representing a 16.7% growth. Mobile phones, automatic data processing equipment, home appliances, cultural products, and plastic products also exhibited strong export performance.
