London: China is now the largest trading country in the world in terms of imports and exports, after overtaking the US in 2012.
The Asian country overtook the US to become the world’s biggest trading nation, bringing an end to the US’ post-war dominance of global commerce.
According to the Telegraph, the US Commerce Department revealed the total value of US exports and imports in 2012 was 3.82 trillion dollars.
China’s customs administration has already announced that the country’s total trade last year was worth 3.87 trillion dollars.
Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics in Washington, told Bloomberg that it was remarkable that an economy that is only a fraction of the size of the US economy has a larger trading volume
Lardy pointed out that ‘the surpassing of the US is not because of a substantially undervalued currency that has led to an export boom,’ pointing out that Chinese imports have grown at a faster rate than exports since 2007.
China had a full-year trade surplus of 231.1 billion dollars with the US posting a total 2012 trade deficit of 727.9 billion dollars, the report said.
Activity across the Chinese economy was impressive, with sales of passenger cars over the month soared to their highest ever, it added.
China’s auto sales jumped 46.4 percent compared with January 2012 to a record monthly high of 2.03 million units, the China Association of Automobile Manufacturers (CAAM) said.
According to the report, the data is helping to ease fears that China could face a slump. These worries remain despite an acceleration of growth in the country.