China replaces US as world's top trading nation
China has reportedly pushed down the US to become world's largest merchandise trader in 2013.
The Ministry of Commerce said that China was the leading merchandise trader in 2013 and its trade totaled 4.16 trillion dollars in 2013 with exports reaching 2.21 trillion dollars and imports of 1.95 trillion dollars.
According to China Daily, data from the US Commerce Department showed that the US' combined exports and imports stood at 3.91 trillion dollars in 2013, about 250 billion dollars less than China's.
In 2012, the US was the top trader with imports and exports totaling more than 3.88 trillion dollars, while China closely followed, with trade totaling almost 3.87 trillion dollars.
The report said that China became the world's largest exporter and second-largest importer in 2009.
Commerce Ministry spokesman Yao Jian said that China's achievement marks the country's new milestone in the path of developing foreign trade and is also a great fruit of its pursuit of reforms and opening-up as well as engagement in globalization.
Yao said that China was now the largest trade partner of more than 120 countries and regions, but acknowledged that there was a long way to go.
He noted that the value added in exports was relatively low; Chinese exporters' own brands were not enough; sales networks were not well established; the quality of some exports was not very good; and businesses needed to further improve their capabilities of using resources in both domestic and international markets.
(Posted on 03-03-2014)
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