China overtakes US as largest goods trader: The Guardian

China overtakes US as largest goods trader: The Guardian

YEREVAN, January 10. /ARKA/. A 'landmark milestone' in China's economic history as it overhauls America to become the biggest goods trading nation, as investors awaits the latest US employment data (1.30pm GMT).

China has overtaken the US to become the world's biggest trading nation, according to figures released in Beijing earlier today.

China's annual trade in goods passed the $4trn (£2.4trn) mark for the first time in 2013, up 7.6% after another year of rising imports and exports. And with America having traded $3.57tn in the first 11 months of last year, it means China is extremely confident it has claimed the crown.

China's biggest trading partner was the EU, followed by America, theAssociation of Southeast Asian Nations (Asean), Hong Kong andJapan.

Today's data also showed that exports were up just 4.3% year-on-year in December, while imports rose 8.3%. Analysts suggested a clampdown on dodgy speculative trading disguised as exports was to blame.

This meant that China's trade surplus in December fell 17.4% to $25.64bn (£15.5bn), smaller than expected. But seen positively, it could suggest the country is rebalancing away from exports and towards more consumption. –0--

14:23 10.01.2014

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