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China’s international trade in goods did indeed lead the wor
Transcript of China’s international trade in goods did indeed lead the wor
Its combined imports and exports amounted to almost $4.2 trillion, exceeding America’s for the first time.
But goods are not the only things that countries trade.
If trade in services is added to trade in physical goods, China remains number two.
China’s exports and imports are voluminous partly because its economy is so big. Relative to the size of its GDP, China’s trade is below the world average. Its exports and imports were equivalent to almost 53% of GDP in 2012, whereas the ratio of global trade to world GDP was over 63%.
Relative to the size of its population, China’s trade is also modest. It amounted to just $3,200 per inhabitant in 2012, ranking only 99th in the world. But China has over 1.34 billion people. Any economic magnitude, when divided by a number that size, looks rather less impressive.
e.g. America’s ratio of trade to GDP is only a little above 30%. Brazil’s is about 26%.
China’s trade is almost 70% greater than one would expect given the modesty of its income and the vastness of its territory and population.
The World Bank have ranked countries according to the sophistication of their exports in 2012. Out of 181 countries, China ranks 39th. Controlling for its income per person, China ranks 10th.