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China to dislodge US as world’s top trader
January 4, 2014, 9:04 am

China, a $450 billion market for US goods and services has become a key source of revenue for many American companies [AP]

China, a $450 billion market for US goods and services has become a key source of revenue for many American companies [AP]

The value of trade in China’s goods in 2013 is set to exceed that of the United States, making China the world’s top trader for the first time.

“Judging from the current statistics, there is a very high possibility that the value of China’s goods trade will have exceeded the US in 2013,” said Wang Haifeng, a researcher with the Institute for International Economic Research at the National Development and Reform Commission.

China is scheduled to announce the 2013 annual trade figure next week. The US Department of Commerce will publish its figure in February.

China Business News reported that China’s overall goods trade value did overtake the US in 2013 unless there was a huge late fluctuation.

China’s Commerce Ministry spokesman Shen Danyang said in late September that thanks to a recovery in the global economy and reforms in China, 2013 was likely to see the nation replace the US as the world’s largest trader.

The WTO said in April 2013 that the value of trade in Chinese goods stood at $3.867 trillion in 2012, second only to the US by just $15 billion, equivalent to about a day-and-a-half of the average daily trade value of China in 2012. China joined the WTO 12 years ago.

China, a $450 billion market for US goods and services has become a key source of revenue for many American companies.

 

Source: Agencies

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