'China overtakes US as world's biggest goods trading nation'

China has emerged as the world's biggest goods trading nation, overtaking the United States despite downturn in export due to slump in global trade, the country's Customs Department has said. According to the data released by the Department, China's combined imports and exports reached USD 3.87 trillion in 2012, edging past United States USD 3.82 trillion in goods estimated by the US Commerce Department. This is the second major milestone for China after it overtook Japan in 2011 as the world's second largest economy, it said. Though the country with over 1.34 billion people overtook US in trade terms, the American economy remained twice the size of that China. US economy is worth USD 15 trillion compared to China's USD 7.3 trillion. China's Ministry of Commerce said the rise in its global trade comes on the back of exporters hurrying their shipments before a waiver of inspection fees expires at the end of February. Experts predict that the gap between the two will widen over the coming years, as China is strengthening trade links with other Asian and African countries, state-run television channel CCTV reported. Many European countries are also likely to engage in more individual trade with China. China has been the world's top exporter since 2009, while the US remained the world's biggest importer in 2012. The US last week released its 2012 international trade figures, showing that while the overall trade deficit shrank to around USD 540 billion, it grew with China during the past year. China-US trade amounted to USD 468.8 billion in 2011 with USD 295.5 billion trade balance in favour of China. In signs of China's export markets rebounding, its shipments registered an eight-month high of 25 per cent last month, while the over all foreign trade surged 26.7 year-on- year to USD 345.59 billion. China's foreign trade increased 26.7 per cent year on year to 2.17 trillion yuan (USD 345.59 billion) in January, according to data from the General Administration of Customs (GAC). Plush with USD 3.30 trillion forex reserves China has already initiated a host of steps to revive domestic demand to reduce its dependency on exports. After adjustments to seasonal factors, January data remained bullish, with foreign trade up 8.1 per cent year on year, exports up 12.4 per cent and imports up 3.4 per cent. The January data showed that China's foreign trade with the European Union rose 10.5 per cent year on year last month to stand at USD 47.14 billion. Trade between China's mainland and Hong Kong surged 83 per cent to USD 33.4 billion. Last year, China's annual foreign trade growth slowed to 6.2 per cent missing the government's 10-per cent target set for 2012. The Chinese Academy of Sciences, a government think-tank, forecast 8.4-per cent economic growth for 2013, higher than 7.8 per cent realised in 2012.