Posted on 02/10/2013 2:28:32 PM PST by lowbridge
China has leapfrogged the US to become the world’s biggest trading nation, bringing an end to the US’s post-war dominance of global commerce.
The total value of US exports and imports in 2012 was $3.82 trillion (£2.4 trillion), the US Commerce Department has revealed. China’s customs administration has already announced that the country’s total trade last year was worth $3.87 trillion.
“It is remarkable that an economy that is only a fraction of the size of the US economy has a larger trading volume,” Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics in Washington, told Bloomberg. “The surpassing of the US is not because of a substantially undervalued currency that has led to an export boom,” Mr Lardy said, pointing out that Chinese imports have grown at a faster rate than exports since 2007.
Not only has China managed to post a larger total trading figure, but the breakdown of imports compared with exports also makes for favourable reading in Beijing. China had a full-year trade surplus of $231.1bn with the US posting a total 2012 trade deficit of $727.9bn.
Indeed, the Asian powerhouse looks set to table an even better performance in 2013, as trade accelerated substantially last month. Exports jumped 25pc on a year-on-year basis and imports were up 29pc in January, beating analysts’ expectations. However, the data is distorted by the timing of the Chinese New Year festivities.
(Excerpt) Read more at telegraph.co.uk ...
Dear Leader Obama is pleased. BTW, I will not be holding my breath waiting for any of the propaganda media to report this.
The trade embargo starts the day the Dragon f’s up and starts a shooting war.
REading some of the comments over at the Telegraph is rather depressing. It seems there is a general consensus that America is in decline. It is, surely, and due to the communists running the show right now. However, it’s disheartening to see foreign media outlets pointing it out..esp while the lapdog press in the U.S. pretends it’s not true.
Good. The rest of the world can hate the the EastAsian proxy of the Empire for a while instead of the USA.
But our business leaders told us that China couldn’t trade enough to decouple from the USA.
just curious - does the US still fund projects in China such as women’s rights, family planning, etc?? Does anyone know how much we give them, if any??
just curious - does the US still fund projects in China such as women’s rights, family planning, etc?? Does anyone know how much we give them, if any??
It makes me feel so good that our leaders sold us out over the past 30 years. Thank you all so much. They got rich and we get declining wages, declining living standards, and declining net worth.
I hope they choke on their 30 pieces of silver.
I am sure our Free Trade Communists, who support total Free Trade with Communist China, will provide some spin on this
This is embarassing. I can still remember when you even suggested Free Trading with Communists got you put in jail for Treason
Put tariffs on the Communist Chinese and you will see this nonsense change
Nah started way before the commie Muslim traitor in chief.
This new world order stuff goes back at least to Daddy Bush. Nixon opened China.
The US China permanent most favored nation status under GW “Baby” Bush.
The fix is in. This was all set up decades ago to make the rich filthy rich.
We were sold out a long time ago.
I’m sure some protectionist “conservatives” will happen along and explain how we need to raise taxes on ourselves, instead of making it easier for manufacturers to manufacture.
Helping China become an economic power is,by far,the biggest mistake the West has made since the end of WWII.
"It is remarkable that an economy that is only a fraction of the size of the US economy has a larger trading volume," Nicholas Lardy... told Bloomberg. "The surpassing of the US is not because of a substantially undervalued currency that has led to an export boom," ...China had a full-year trade surplus of $231.1bn with the US posting a total 2012 trade deficit of $727.9bn.China exports *are* due to devaluation, and that will continue; note that the Chinese trade surplus with the US is three times as high as its total trade surplus for 2012 -- this means the Chinese are importing from other countries to the tune of a half-trillion dollars. At least some of that is petroleum.
It was no mistake.
China has a protectionist trade policy. Its worked pretty good for them.
Because we all know that less money in our pockets reduces the possibility that we'll end up living under a bridge. LOL
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