In 2013, China became the world’s biggest merchandise trader, with imports and exports totaling $4.16 trillion. In carrying out its trade, it amassed trade surplus valued at $259 billion, 2.8 per cent of its GDP.
The United States fell to the position of second-biggest merchandise trader in the world, with imports and exports totaling US$ 3.9 trillion in 2013.
However, unlike China, the US recorded a China, United States, and Germany are Top three merchandise traders in the world – WTO
trade deficit of $750 billion (or 4.5 per cent of its GDP), meaning that it imported more than it exported. Germany occupied the third place, with a trade surplus of US$ 264 billion in 2013, 7.3 per cent of its GDP.
Japan ranked fourth, with merchandise trade totaling $1.6 trillion in 2013. It, like the US recorded a trade deficit of US$ 118 billion, 2.4 per cent of its GDP.
In terms of world share of exports, China accounts for 11.7 percent, United States 8.4 percent, Germany 7.7 percent, and japan 3.8 percent.
Nigeria’s share of world export, valued at $103 billion, stands at 0.5 percent. Nigeria‘s exports are the largest in Africa, followed by South Africa, with exports valued at $96 billion. Angola is the third largest exporting African country, with exports valued at $69 billion.
In general, Africa’s merchandise exports declined by 2.5 per cent in 2013 after it grew by 6.5 per cent in 2012.
Exports by G20 economies (the largest 20 economies in the world) accounted for 75.1 percent of total world export, while exports by Less Developed Economies (LDCs) accounted for just 1.1 percent.
For imports, the trend was maintained.
As at 2013, the US was the largest importing country in the world, with a 12.3 percent share of total world imports, valued at $2.32 trillion. China, the second largest importer in the world accounted for 10.3 percent of world imports valued at $1.95 trillion. Germany imported goods worth $1.18 trillion, accounting for a 6.3 percent share, while Japan imports was valued at $833 billion, a 4.4 percent share.
Analysis of the global merchandise flows showed that more than 50 percent of exports from developing economies flowed directly into other developing countries. In particular, 35 per cent were exported to developing Asia, 6 per cent to South and Central America and the Caribbean, 6 per cent to the Middle East and 4 per cent to Africa. The rest 43 percent of developing countries’ exports flowed to developed economies.
Source : BusinessDay