BEIJING: China surpassed the US to become the world's biggest trading nation last year as measured by the sum of exports and imports of goods, a milestone in the Asian nation's challenge to the US dominance in global commerce that emerged after the end of World War II.
US exports and imports of goods last year totaled $3.82 trillion, the US Commerce Department said last week. China's customs administration reported last month that the country's total trade in goods in 2012 amounted to $3.87 trillion.
China's increasing influence threatens to disrupt regional trading blocs as it becomes the most important commercial partner for countries including Germany, which will export twice as much to China by the end of the decade as it does to neighboring France, said Goldman Sachs's Jim O'Neill.
"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."
When taking into account services, US total trade amounted to $4.93 trillion in 2012, according to the US Bureau of Economic Analysis.
The US recorded a surplus in services of $195.3 billion last year and a goods deficit of more than $700 billion, according to BEA figures.
China's 2012 trade surplus, measured in goods, totaled $231.1 billion. The US economy is also double the size of China's, according to the World Bank.
In 2011, the US gross domestic product reached $15 trillion while China's totaled $7.3 trillion. China's National Bureau of Statistics reported January 18 that the country's nominal gross domestic product in 2012 totaled 51.93 trillion yuan ($8.3 trillion).
indiatimes.com
US exports and imports of goods last year totaled $3.82 trillion, the US Commerce Department said last week. China's customs administration reported last month that the country's total trade in goods in 2012 amounted to $3.87 trillion.
China's increasing influence threatens to disrupt regional trading blocs as it becomes the most important commercial partner for countries including Germany, which will export twice as much to China by the end of the decade as it does to neighboring France, said Goldman Sachs's Jim O'Neill.
"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."
When taking into account services, US total trade amounted to $4.93 trillion in 2012, according to the US Bureau of Economic Analysis.
The US recorded a surplus in services of $195.3 billion last year and a goods deficit of more than $700 billion, according to BEA figures.
China's 2012 trade surplus, measured in goods, totaled $231.1 billion. The US economy is also double the size of China's, according to the World Bank.
In 2011, the US gross domestic product reached $15 trillion while China's totaled $7.3 trillion. China's National Bureau of Statistics reported January 18 that the country's nominal gross domestic product in 2012 totaled 51.93 trillion yuan ($8.3 trillion).
indiatimes.com
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