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Manufacturing & Industry, Trade & Investment

China surpasses US as world’s largest trading nation


China has overtaken the US in annual trade in goods, according to official figures. Photograph: Mark Lennihan/AP

China has overtaken the US in annual trade in goods, according to official figures. Photograph: Mark Lennihan/AP

China became the world’s largest trading nation in 2013, overtaking the US in what Beijing described as “a landmark milestone” for the country.

China’s annual trade in goods passed the $4tn (£2.4tn) mark for the first time last year according to official data, after exports from the world’s second largest economy rose 7.9% to $2.21tn and imports rose 7.3% to $1.95tn.

As a result total trade rose 7.6% over the year to $4.16tn. The US is yet to publish its 2013 trade figures, but with trade totalling $3.5tn in the first 11 months of the year, it is unlikely to beat China.

The shift in the trading pecking order reflected China’s rising global dominance, despite a slowdown in economic growth last year.

Zheng Yuesheng, a spokesman for China’s customs administration, said: “It is very likely that China overtook the US to become the world’s largest trading country in goods in 2013 for the first time. This is a landmark milestone for our nation’s foreign trade development.”

China had already become the world’s largest exporter of goods in 2009.

The country’s trade surplus rose 12.8% in 2013 to almost $260bn, but the December surplus of $25.6bn was down 17.4% and fell short of the $31.15bn predicted by economists in a Reuters poll.

Stan Shamu, market strategist at IG, described the December figure as “a high-quality miss once dissected”.

“Imports were up 8.3%, easily surpassing expectations of 5% and showing the second highest nominal reading ever recorded. While exports missed estimates at +4.3% (as opposed to the expected +5%), the value of exports was the highest ever recorded.”

There have been concerns in recent months over the accuracy of the country’s trade data, with speculation that some Chinese companies have overstated their exports to circumvent controls on cross-border transactions and bring more cash into the country.

However analysts said a recent clampdown on such activity was likely to result in more accurate data. In May last year China’s foreign exchange regulator, the state administration of foreign exchange, announced plans to more closely scrutinise exports paperwork and impose tougher penalties where deals had been faked.

Sun Junwei, China economist at HSBC in Beijing, said: “Recent measures could be working to squeeze out these fake trade activities. We actually think these activities would be relatively contained this year compared with last year.”

Source: The Guardian – “China surpasses US as world’s largest trading nation”
 
 
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Discussion

6 thoughts on “China surpasses US as world’s largest trading nation

  1. SO WHAT. ALL ARE IMITATION PRODUCTS NO ORIGINALITY NOR DUARABILITY AND WARRANTY. US STILL THE BEST PRODUCTS.

    Like

    Posted by Emmanuel | January 11, 2014, 10:13 am
    • So what? Your comments are irrevant. Which products your country makes which did not have an original type previously? If Chinese products are so bad, who ask you to buy or use them? If they are so bad, why do the rest of the world keep buying them?

      You should ask yourself this when your jealousy die down and you can think rationally.

      Touche!

      Editor’s note: Richseeto has been identified as a probable paid contributor, with constant anti-west and pro-China tirades (http://en.wikipedia.org/wiki/50_Cent_Party)

      An informative article was written about internet posters displaying such emotive outbursts: http://www.independent.co.uk/life-style/gadgets-and-tech/news/online-trolls-are-psychopaths-and-sadists-psychologists-claim-9134396.html

      Like

      Posted by richseeto | January 11, 2014, 4:20 pm
      • Emmanuel is living in a fantasy world as he has be hypnotized by American media saying that US products are the best in the world. The only products the US leads the world in is military products. The USA has excelled in producing products that efficiently kill people and this includes their pharmaceutical products. Americans in general are hypnotized by their media and believe that they are better than everyone in every respect. Eventually reality will hit then hard and it will not taste good. Dream on America!!

        Like

        Posted by Bob Smith | January 14, 2014, 3:46 am
  2. Reblogged this on ActivistPoster.

    Like

    Posted by activistposter | January 13, 2014, 4:28 pm

Trackbacks/Pingbacks

  1. Pingback: China February exports plunge by 18% | China Daily Mail - March 9, 2014

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