China now #1 in trade

I wouldn't get too excited about this only because China is nearly 3 times our size and will eventually surpass us even in GDP. Still, one might question whether China's preeminence has been accelerated because of administration policies. Bloomberg: China surpassed the U.S. to become the world's biggest trading nation last year as measured by the sum of exports and imports of goods, official figures from both countries show. U.S. exports and imports of goods last year totaled $3.82 trillion, the U.S. Commerce Department said last week. China's customs administration reported last month that the country's trade in goods in 2012 amounted to $3.87 trillion. China's growing influence in global commerce threatens to disrupt regional trading blocs as it becomes the most important commercial partner for some countries. Germany may export twice as much to China by the end of the decade as it does to France, estimated Goldman Sachs Group Inc.'s Jim O'Neill. "For so many...(Read Full Post)