China Beats US Dominance in Global Commerce with Higher Trade in Goods
By Geetha Pillai | February 11, 2013 5:07 PM EST
China has surpassed the dominance of the United States as the biggest trading nation in the world in terms of total imports and exports of goods, showed official figures of 2012 from both the countries.
Chinese exports and imports together totalled $3.87tn (£2.45tn, €2.9tn) in 2012 as against the sum of $3.82tn reported by the US Commerce Department.
According to data released by the US Bureau of Economic Analysis, the countriy's econnomy which is double the size of China suffered a goods deficit of over $700bn while China reported a goods trade surplus of $231.1bn, the largest in four years.
But with the figures of services trade included, the US remains in the top position with total trade at $4.93tn.
However, the increase is seen commensurate with China's emergence as one of the most important trading partners for several countries surpassing the supremacy of the world's biggest economy in global commerce.
"It is remarkable that an economy only a fraction of the size of the US economy has a larger trading volume," Nicholas Lardy, senior fellow at the Peterson Institute for International Economics told the Bloomberg.
The US economy contracted 0.1 percent in the final three months of last year, first time in three and half years.
China's GDP totaled 51.93tn yuan ($8.3tn) in 2012, showed data from the National Bureau of Statistics.
Apart from the China's fast growing trade links with the Asian and African counties, the Communist nation is on the verge of becoming one of the biggest bilateral trading partners for a number of countries in the Europe such as Germany.
"For so many countries around the world, China is becoming rapidly the most important bilateral trade partner," Jim O'Neill, chairman of Goldman Sachs's asset management division told the Bloomberg.
"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".
To contact the editor, e-mail:
Most Popular Slideshows
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- ‘Sons of Anarchy’ Season 7 Finale Spoilers: Kurt Sutter On Ending The Biker Series And Picking The Right Song For The Final Ride
- Prince Charles’ Wife Camilla Parker-Bowles In Drug Scandal - Reports
- Camilla Parker-Bowles To Become Queen When Prince Charles Accedes To The Throne
Join the Conversation
- Vatican 2014 Final Synod Report: Gays Still ‘Unwelcome’ in Catholic Church, LGBT Thankful for First Step
- New Zealand Losing $9.4 Billion Every Year to Fraud
- 5 Cities With The Highest Cost Of Living In 2014
- Ebola ‘Cruise Ship’: Holidaymakers Furious Organisers Hid the Truth About Dallas Health Care Worker
- Canada Conducts Practice Drill Of Ebola Rapid Response Teams, To Send Experimental VSV-BOV Vaccine To WHO
- Galaxy Note 4 vs Redmi Note 2 vs iPhone 6: Samsung in Danger with Depressing Q3
- iOS 8 Jailbreak Release Date Likely this October 2014 with Pangu not Evad3rs Firming Up as Creator
- Top 4 Free-To-Download Apps for Fuller iPhone 6, 6 Plus Experience
- Battery Saving Android 5.0 Lollipop Feature Extends The Battery Life Of Your Android Device By 90 Minutes And Displays Orange Bar While Power Saving Mode Is On
- Apple Inc. (AAPL) Stock Set to Soar Beyond $100 Despite Decline After New iPad Launch
- Russia Beefs Up Gold Reserves To Offset Heat of Sanctions And Undercut Dollar
- Australia's 'No Way' Anti-Asylum Seeker Poster Sparks Outrage