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China becomes world’s largest trading nation

China becomes world’s largest trading nation

BEIJING: China’s trade including export and import has reached $ 4.16 trillion in 2013, a 7.6 per cent increase in contrast to previous year, making it the largest trading nation of the world.

Chinese Customs data revealed that as per year on year, China’s exports rose 7.9 percent to $ 2.21 trillion in 2013, while imports increased 7.3 percent to $ 1.95 trillion. The foreign trade surplus widened to $ 259.75 billion in 2013, an increase of 12.8 percent from a year earlier, said Zheng Yuesheng, spokesman for the General Administration of Customs.

With the announced trade Exports, along with retail sales and investment, have been one of the three main drivers for China’s rapid economic growth. External demand supports about 12 percent of the country’s gross domestic product (GDP) and absorbs some 35 percent of industrial output.