BEIJING: China is now the world’s biggest trading nation by surpassing the US as the most dominant player in international goods trade.
US exports and imports of goods last year totaled $3.82 trillion, the US Commerce Department said recently. China’s customs administration reported last month that the country’s total trade in goods in 2012 amounted to $3.87 trillion. China’s 2012 trade surplus, measured in goods, totaled $231.1 billion.
The US last year recorded a goods deficit of more than $700 billion, according to the US Bureau of Economic Analysis figures.
Asset managers and economist forecast that China’s growing stature in international goods trade may show a further upswing and by the end of the decade many European countries will be doing more individual trade with China than with bilateral partners in Europe, a threat to the regional trade blocs.
The Asian giant shall become the most important commercial partner for countries including Germany, which will export twice as much to China by the end of the decade as it does to neighbouring France.
“At this kind of pace, by the end of the decade many European countries will be doing more individual trade with China than with bilateral partners in Europe,” an expert said.
The US gross domestic product in 2011 reached $15 trillion while China’s totalled $7.3 trillion. China’s National Bureau of Statistics reported January 18 that the country’s nominal gross domestic product in 2012 totaled 51.93 trillion yuan ($8.3 trillion).
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