Trade between China and the five Central Asian countries
Trade between China and the five Central Asian countries has become increasingly close, showing a booming trend.
1. Trade Scale Continues to Expand
The total bilateral trade between China and the five Central Asian countries has been growing. For example, China's trade with Central Asian countries increased from US$460 million at the beginning of diplomatic relations to US$38.6 billion in 2020, and has continued to rise since then, reaching US$70.2 billion in 2022 and US$89.4 billion in 2023, a year-on-year increase of 27 per cent. China has become the number one trading partner and major source of investment for the five Central Asian countries.
2.the trade structure is continuously optimised
The trade structure between China and the five Central Asian countries is developing in the direction of diversification. In the past, Central Asian countries mainly exported primary products such as raw materials, e.g., oil and natural gas, to China, while China's exports to Central Asia were dominated by industrial manufactured goods. However, in recent years, Central Asian countries' imports of agricultural products and energy and mineral products to China have increased by more than 50 per cent year-on-year, while China's exports of electromechanical products and other products to Central Asian countries have also increased significantly. In addition, the development of new trade modes such as cross-border e-commerce has further enriched the bilateral trade structure.
3.Deepening Investment Cooperation
China's direct investment in the five Central Asian countries has continued to grow, and has exceeded 17 billion U.S. dollars, with a cumulative turnover of more than 60 billion U.S. dollars in engineering contracting, covering infrastructure, new energy, oil and gas mining and many other areas. These investments have not only promoted the industrial upgrading and economic development of Central Asian countries, but also brought more market opportunities for Chinese enterprises.
4.Improving Connectivity
Under the promotion of the ‘One Belt, One Road’ initiative, the level of connectivity between China and the five Central Asian countries has been continuously improved. The construction of logistics networks such as the China-Europe liner has strengthened trade and personnel exchanges between the two sides. In addition, the cooperation between the two sides in the fields of road, railway and aviation is also being strengthened, laying a solid foundation for future economic and trade cooperation.
To sum up, trade exchanges between China and the five Central Asian countries have achieved remarkable results in terms of scale, structure, investment and connectivity. In the future, as the cooperation between the two sides continues to deepen and expand, it is believed that the economic and trade relations between the two sides will become even closer and more prosperous.
