China Surpasses USA As World’s Top Trading Nation

Here’s an important sign of changing economic times:

China surpassed the U.S. to become the world’s biggest trading nation last year as measured by the sum of exports and imports, ending the U.S. supremacy in global commerce that emerged after the end of World War II in 1945.

U.S. exports and imports last year totaled $3.82 trillion, the U.S. Commerce Department said yesterday. China’s customs administration reported last month that the country’s total trade in 2012 amounted to $3.87 trillion. China had a $231.1 billion annual trade surplus while the U.S. had a trade deficit of $727.9 billion.

China’s emergence as the biggest global trading nation gives it increasing influence, threatening to disrupt regional trading blocs as it becomes the most important commercial partner for countries including Germany, which will export twice as much to China by the end of the decade as it does to neighboring France, said Goldman Sachs Group Inc.’s Jim O’Neill.

By: dave-dr-gonzo

David Hirsch, a.k.a. Dave "Doctor" Gonzo*, is a renegade record producer, video producer, writer, reformed corporate shill, and still-registered lobbyist for non-one-percenter performing artists and musicians. He lives in a heavily fortified compound in one of Manhattan's less trendy neighborhoods.

* Hirsch is the third person to use the pseudonym, a not-so-veiled tribute to journalist and author Hunter S. Thompson, with the permission of his predecessors Gene Gaudette of American Politics Journal (currently webmaster and chief bottlewasher at Liberaland) and Stephen Meese at Smashmouth Politics.