China overtakes US as world's largest goods trader

China's foreign trade exceeded the USD 4 trillion mark for the first time last year as exports rose 7.9 per cent to USD 2.21 trillion, allowing the Communist giant to 'overtake' the US as world's largest goods trader.
China's total exports and imports for the first time crossed USD four trillion mark and posted USD 4.16 trillion in 2013, up 7.6 per cent year on year but fell short of the eight per cent increase forecast earlier.
Exports from China, already the world's second-largest economy, rose 7.9 per cent year on year to 2.21 trillion USD in 2013, while imports increased 7.3 per cent to 1.95 trillion USD, according to customs data released here.

The growth rate, however, is slightly lower than the government's full-year target of 8 per cent, forecast in the beginning of 2013.
The foreign trade surplus widened to USD 259.75 billion in 2013, an increase of 12.8 per cent from a year earlier, Zheng Yuesheng, spokesman for the General Administration of Customs told reporters.
In December, China's foreign trade value hit a new high of USD 389.8 billion an increase of 6.2 per cent from a year earlier.

December's exports amounted to USD 207.7 billion, an increase of 4.3 per cent, significantly lower than the 12.7- per cent growth in November and also lower than the 5.6 per cent in October. Import growth rose to 8.3 per cent year on year in December from 5.3 per cent in November.

While the US is yet to release it full-year figures, its trade for the first 11 months of 2013 totalled USD 3.5 trillion.
"It is very likely that China has overtaken the US to become the world's largest trading country," Zheng said.
Zheng said trade with the European Union (EU), China's biggest trade partner, edged up 2.1 per cent year on year to USD 559.1 billion in 2013. China exported USD 339 billion worth of goods to the EU and USD 220.1 billion worth of goods from the EU block.
Trade with the US, China's second-biggest trade partner, rose 7.5 per cent year on year to USD 521 billion. China's exports to the US amounted to USD 368.4 billion, while imports stood at USD 152.6 billion.

China's trade with the Association of Southeast Asian Nations, its third-largest trading partner, rose 10.9 per cent year on year to USD 443.6 billion.
However, China's trade with Japan contracted 5.1 per cent year on year, to USD 312.55 billion as the two countries continued to spur over the disputed islands.