{"id":16526,"date":"2013-02-12T01:17:03","date_gmt":"2013-02-12T06:17:03","guid":{"rendered":"http:\/\/theredphoenixapl.org\/?p=16526"},"modified":"2013-02-12T01:17:03","modified_gmt":"2013-02-12T06:17:03","slug":"china-overtakes-us-as-worlds-largest-trading-country","status":"publish","type":"post","link":"https:\/\/redphoenix.news\/es\/2013\/02\/china-overtakes-us-as-worlds-largest-trading-country\/","title":{"rendered":"China overtakes US as world\u2019s largest trading country"},"content":{"rendered":"
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\"AFP<\/div>\n<\/div>\n

AFP Photo \/ China out<\/em><\/span><\/p>\n

\n

China has passed the US as the world\u2019s biggest trading nation as measured by the sum of exports and imports in 2012. It\u2019s a position the US has held for over six decades.<\/span><\/p>\n

US exports and imports of goods last year amounted to $3.82 trillion, the US Commerce Department said last week. China\u2019s trade in goods was $3.87 trillion, according to the country\u2019s customs administration report in January.\u00a0<\/span><\/p>\n

While the US recorded a surplus in services of $195.3 billion last year and a goods deficit of more than $700 billion, according to Bureau Economic Analysis, China\u2019s 2012 trade surplus, measured in goods, totalled $231.1 billion.<\/span><\/p>\n

\u201cThe main reason for this growth is the Chinese government policy directed at stimulating domestic demand, which improves imports to growth,<\/em>\u201d Andrey Shenk, an economic expert at Investcafe, told RT. He said China increased its import volumes 5 fold in the last five years, and that allowed it become the biggest trading nation.\u00a0<\/span><\/p>\n

\u201cFor so many countries around the world, China is rapidly becoming the most important bilateral trade partner,<\/em>\u201d Jim O\u2019Neill, chairman of Goldman Sachs\u2019s asset management division and the economist who bound Brazil to Russia, India and China to form the BRIC investing strategy, told Bloomberg. And that can even \u201cdisrupt regional trading blocs<\/em>,\u201d for instance, \u201cGermany may export twice as much to China by the end of the decade as it does to France<\/em>,\u201d O\u2019Neill added.<\/span><\/p>\n

The figures indicate the trend that China is already outpacing the US, the world\u2019s biggest economy, in some respects. According to various estimates, China has the world\u2019s biggest new car market, is the biggest energy user, and holds the largest foreign currency reserves. China became the world\u2019s biggest exporter in 2009, and its GDP growth rate has averaged 9.9% a year since the 1970s. In 2011 China\u2019s GDP growth rate stood at 9.20%, compared to 1.80% in the US during the same year.\u00a0\u00a0<\/span><\/p>\n

In November last year China<\/span>\u00a0surpassed the US as the world\u2019s leading trade partner<\/span><\/a><\/span>, with 124 countries considering China their largest trading partner and only 76 having that relationship with the US. This was a major shift since 2006, when the US was the larger trading partner for 127 countries, while China dominated among 70. Some historical allies of the US now consider China their top trading partner, including Australia and South Korea. Trade with China was on average 12.4% of GDP for its foreign partners in 2012, compared to only 3% in 2002 \u2013 a rate that is higher than trade with the US has been in the past 30 years.<\/span><\/p>\n

The US dominated as the world\u2019s main trading power since after WWII, but as the recession hit US businesses hard, China\u2019s growth continued, and its pace has already recovered from seven straight quarters of decline, reaching 7.9% in 4Q 2012.\u00a0<\/span><\/p>\n

Still, the US economy is double the size of China\u2019s, according to World Bank data. In 2011, the US GDP reached $15 trillion while China\u2019s totalled $7.3 trillion. In 2012 China\u2019s nominal gross domestic product was $8.3 trillion, according to China\u2019s National Bureau of Statistics\u2019 report. However, the US remains the biggest importer, taking in $2.28 trillion in goods last year compared with China\u2019s $1.82 trillion of imports. The US exports innovative products in the automobile industry, aerospace, medicine, computers, finance and pharmaceuticals.\u00a0\u00a0<\/span><\/p>\n

At the same time, a significant portion of China\u2019s trade involves importing raw materials and parts to be assembled into finished products and re-exported, an activity that provides \u201conly modest value added,\u201d Eswar Prasad, a former International Monetary Fund official, now a professor at Cornell University in Ithaca, New York, told Bloomberg.<\/span><\/p>\n

Fuente<\/span><\/a><\/span><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

AFP Photo \/ China out China has passed the US as the world\u2019s biggest trading nation as measured by the sum of exports and imports..<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[152,18,21,84,97],"tags":[192,229,197],"class_list":["post-16526","post","type-post","status-publish","format-standard","hentry","category-economy","category-history","category-international","category-statements","category-us-news","tag-china","tag-economic-exploitation","tag-imperialism"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/posts\/16526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/comments?post=16526"}],"version-history":[{"count":0,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/posts\/16526\/revisions"}],"wp:attachment":[{"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/media?parent=16526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/categories?post=16526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/tags?post=16526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}