Tradeoff in trading power: China eclipses U.S. as theworld’s top importer and exporter of goods
Mail Online Feb 11th 2013
- America’s total trading of goods last year amounted to $3.82 trillion
- China’s total trading of goods last year amounted to $3.87 trillion
The tides have turned.
China surpassed the U.S. as theworld’s largest trader of goods in 2012, government statistics from both countriesshow.
America’s imports and exports ofgoods last year amounted to $3.82 trillion, the U.S. Commerce Departmentreported on Friday, while China’s total trading of goods last year amounted to$3.87 trillion, the country’s customs administration reported in January.
China's growing influence in theglobal marketplace could disrupt regional trading blocs (Shanghai's financialdistrict)
‘It is remarkable thatan economy that is only a fraction of the size of the U.S. economy has a largertrading volume,’ Nicholas Lardy, a senior fellow at the Peterson Institute forInternational Economics in Washington, told BloombergNews on Sunday.
Total U.S. trade amounted to $4.93trillion in 2012, including imported and exported services, the U.S. Bureau ofEconomic Analysis reportedon Friday.
The U.S. recorded a $193 billionsurplus in services traded and a $700 billion deficit in goods traded lastyear, while China recorded a $231.1 billion trade surplus, measured in goods.
Despite China’s size and enormouspopulation, the U.S. economy is twice as large as China’s economy, according tofigures from the World Bank.
U.S. gross domestic product reached$15 trillion in 2011, while China’s GDP totaled $7.3trillion.
China began focusing on trade andforeign investment to boost its economy after decades of seclusion, similar tomodern-day North Korea, under communist revolutionary leader Mao Zedong.
Zedong governed the East Asiancountry as Chairman of the Communist Party of China until his death inSeptember, 1976.
China’s economic growth averaged 9.9per cent a year from 1978 through 2012, according to Bloomberg.
China surpassed Germany to become the world’slargest exporter in 2009.
The U.S. remains the world’s largestimporter, with a recorded $2.28 trillion in imported goods last year comparedwith China’s $1.82 trillion in imports.
China’s growing influence in theglobal marketplace could disrupt regional trading blocs as China becomes themost important commercial trading partner for some countries, economists andanalysts say.