2024 Top 5 Southeast Asian Countries by Import Value to China
Based on China Customs data estimates, China's imports from Southeast Asia continued to grow in 2024, with Vietnam, Thailand, and Malaysia ranking top three, led by Vietnam at approximately USD 110 billion.
Overview
With Chinese enterprises going global deeply into Southeast Asia, the region has become an important trading partner for China. Import value is a key indicator of trade tightness, especially focusing on commodities such as raw materials and electronic components imported from Southeast Asia.
2024 Top 5 Ranking
Based on preliminary data from China Customs and industry estimates, the 2024 import value (unit: USD billion) from major Southeast Asian countries ranks as follows:
- Vietnam: approximately USD 110 billion, benefiting from the relocation of electronics and textile supply chains.
- Thailand: approximately USD 75 billion, with rapid growth in auto parts and agricultural products.
- Malaysia: approximately USD 85 billion, with significant contributions from integrated circuits and palm oil.
- Indonesia: approximately USD 70 billion, driven by nickel ore and coal imports.
- Singapore: approximately USD 45 billion, mainly chemicals and precision equipment.
Trend Analysis
In 2024, China's imports from Southeast Asia grew about 8% year-on-year, with Vietnam the fastest (+12%), mainly due to China outsourcing some electronic manufacturing processes to Vietnam and then reselling them back. Thailand and Malaysia benefited from the Chinese new energy vehicle industry's demand for lithium batteries and rubber. Indonesia's growth slowed slightly due to price fluctuations in resource products. Singapore, as a transshipment hub, saw steady import growth.
Implications for Chinese Enterprises Going Global
- Supply chain layout: The import growth in Vietnam, Malaysia, etc. reflects their rising manufacturing capabilities. Chinese companies may consider local sourcing and distribution.
- Resource dependence: Resource exports from Indonesia and Malaysia show China's demand for strategic minerals, encouraging upstream cooperation.
- Risk considerations: Geopolitical and trade policy changes may affect import stability, so diversification of sources is needed.
Note: The figures are estimates; actual data subject to final release by the General Administration of Customs.
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