The trade value between China and the ASEAN leather industry in 2021 reached $16.47 billion, ranking 3rd with 15% of the value, and only lower than the EU (21.9%) and the United States (19.0%). The entry into force of the RCEP will have positive implications for bilateral industrial cooperation and economic and trade in the leather sector.
The Regional Comprehensive Economic Partnership (RCEP) will promote technical, economic and trade exchanges between China and ASEAN based on mutual benefit, accelerating coordinated and balanced development between regions and laying the foundations for establishing an open development model of regional economic integration between China and ASEAN (Association of Southeast Asian Nations).
It also helps to reduce trade barriers and improve the effective division of labor and cooperation of the industrial chain for both parties.
According to data released by the China-ASEAN Council, trade between China and ASEAN increased from $8.36 billion in 1991 to $685.28 billion US dollars in 2020, making it the largest trading partner for each other. In the first three quarters of 2021, bilateral trade exceeded $600 billion, showing strong growth momentum.
The trade value between China and the ASEAN leather industry in 2021 reached $16.47 billion, ranking third with 15% of the total trade value, and only lower than the EU (21.9%) and the United States (19.0%).
The RCEP will further improve trade in the leather industries of both parties and reduce costs for exporters. At the same time, it will further strengthen the tightness of the leather supply chain.
According to statistics, China's import of leather and its products from ASEAN reached US$5.796 billion in 2021, up 9.6% year-on-year, or 29.4% of the total value of imports. At the same time, exports to ASEAN continued to maintain double-digit growth, reaching $10.67 billion, up 19.4% year-on-year, or 11.8% of the total value of exports.
Export of semi-finished products reached $32.16 million, up 122.9%; finished skin increased by 59.5% to $ 610 million; the value of luggage and travel bags was $2.79 billion, up 8.6%, and footwear exports were valued at $4.46 billion, up 11.0%.
