China’s largest export market is no longer the US and Europe. They’ve been overtaken by Southeast Asia.

Shipments from China to the members of Association of Southeast Asian Nations have soared to nearly $600 billion a month, based on the 12-month moving averages compiled by HSBC Holdings Plc. That puts the 10-nation bloc well ahead of the US and European Union, which have seen a steep drop in imports from China in 2023.