China Surpasses U.S. as World’s Largest Trading Nation
January 11th, 2014Via: Guardian:
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.
