China could become the top trader of the world for the first time as the value of trade of its goods last year is set to top that of the United States, The Brics Post reported. Institute for International Economic Research at the National Development and Reform Commission Researcher Wang Haifeng told The Brics Post, "Judging from the current statistics, there is a very high possibility that the value of China's goods trade will have exceeded the US in 2013."
The report said that China is scheduled to unveil its 2013 annual trade figure next week while the US Department of Commerce will make its figures public next month.
Citing a report from China Business News, The Brics Post reported that the overall goods trade value of China exceeded that of the US last year unless a substantial late fluctuation occurred. In September, China's Commerce Ministry Spokesman Shen Danyan said a recovery in the worldwide economy as well as reforms undertaken in China may pave the way for the nation to knock out the US as the biggest trader of the world.
The value of trade in Chinese goods as of April 2013 was pegged at $3.867 trillion in 2012, according to WTO figures. This made it second to the US by $15 billion, the report said. China has been a member of the WTO for the past 12 years. Many American firms get a key source of their revenue from China's $450 billion market for US goods and services, the report said.
In a February 11, 2013 Bloomberg report, China already exceeded the US as the world's largest trading nation in 2012 in terms of exports and imports of goods. Citing figures from both countries, the report said the 2012 exports and imports of goods in the US totaled $3.82 trillion while that of China totaled $3.87 trillion.
Join the Conversation