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China Eclipses U.S. as Biggest Trading Nation Measured in Goods

Posted By admin On February 11, 2013 @ 6:09 am In Money Watch | Comments Disabled

Bloomberg News [1]
Feb 11, 2013

China surpassed the U.S. to become the world’s biggest trading nation last year as measured by the sum of exports and imports of goods, official figures from both countries show.

U.S. exports and imports of goods last year totaled $3.82 trillion, the U.S. Commerce Department said last week. China’s customs administration reported last month that the country’s trade in goods in 2012 amounted to $3.87 trillion.

China’s growing influence in global commerce threatens to disrupt regional trading blocs as it becomes the most important commercial partner for some countries. Germany may export twice as much to China by the end of the decade as it does to France, estimated Goldman Sachs Group Inc.’s Jim O’Neill [2].

“For so many countries around the world, China is becoming rapidly the most important bilateral trade partner,” O’Neill, chairman of Goldman Sachs’s asset management division and the economist who bound Brazil to Russia, India and China to form the BRIC investing strategy, said in a telephone interview. “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.”

Full article here [1]

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URLs in this post:

[1] Bloomberg News: http://www.bloomberg.com/news/2013-02-09/china-passes-u-s-to-become-the-world-s-biggest-trading-nation.html

[2] Jim O’Neill: http://search.bloomberg.com/search?q=Jim%20O%E2%80%99Neill&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1&partialfields=-wnnis:NOAVSYND&lr=-lang_ja

[3] This Is It!: China Surpasses U.S. As Number One Global Trading Power: http://www.prisonplanet.com/this-is-it-china-surpasses-u-s-as-number-one-global-trading-power.html

[4] China and Japan to begin direct currency trading: http://www.prisonplanet.com/china-and-japan-to-begin-direct-currency-trading.html

[5] 40 Ways That China Is Beating America: http://www.prisonplanet.com/40-ways-that-china-is-beating-america.html

[6] China Goes To TradeCon 2, Warns Currency Bill Will “Inevitably Lead To Serious Damage In China-US Trade Relations”: http://www.prisonplanet.com/china-goes-to-tradecon-2-warns-currency-bill-will-inevitably-lead-to-serious-damage-in-china-us-trade-relations.html

[7] China Becomes Second Biggest World Economy: http://www.prisonplanet.com/china-becomes-second-biggest-world-economy.html

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