China ranks third in global trade
(Agencies)
Updated: 2005-04-19 14:03

The relentess growth of China's economy and its extraordinary rise as a supplier to the world's consumers has pushed it to third spot among global traders, behind only the United States and Germany.

New figures released by the World Trade Organization show China's total two-way trade in goods and services last year was $1283.8 billion, eclipsing Japan's figure of $1248 billion.

Surging demand for China's low-cost electronics, whitegoods, textiles, sporting goods and other commodities saw its merchandise exports jump 35 percent to reach almost $600 billion last year.

That was matched by a 36 percent rise in its merchandise imports, including oil, coal and iron ore to power its industrial base, to a figure of more than $560 billion.

China's services trade, however, was relatively small, with exports of $59 billion and imports of $70 billion.

The United States remains a clear leader in the global trade rankings, with a total of $2923.4 billion, followed by Germany on $1949.3 billion. France is in fifth spot, with $1118.1 billion, ahead of the UK with $1101.6 billion.

U.S. merchandise exports in 2004 were $819 billion, compared with imports valued at $1526.4 billion -- much of them from China. U.S. services exports were $319 billion, against imports of $259 billion.

The WTO said a "surprisingly strong" global economy boosted real world merchandise trade growth to 9 percent in 2004, despite record high crude oil prices. In dollar prices, world trade grew 11 percent.

It said Asia's merchandise trade growth was sustained by strong U.S. import demand and intra-Asian trade, stoked by a recovery in the electronics sector.

Along with China's 35 percent export jump, south Korea's exports rose 31 percent by value, while Japan was up 20 percent.

But the WTO expects an easing of growth rates this year. It says projections for China suggest slowing investment growth will be a major factor in a "moderate slowdown" in GDP growth.

The latest real growth forecasts for China this year are around 7.0 percent, compared with 9.5 percent last year, 9.3 percent in 2003 and 8.0 percent in 2002.

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