Apr. 30, 2007 (China Knowledge) – China will this year replace Germany as the world's second largest trader with US$2.1 trillion in foreign trade and may overtake the world's largest trader, the United States, by the end of the decade, according to a Xinhua news report.
Citing Li Yushi, vice president of the Research Institute of International Trade and Economic Cooperation under the Ministry of Commerce, the report said foreign trade in the first three months totaled US$457.7 billion, up 23.3% year-on-year.
Exports reached US$252.1 billion, up 27.8%, while imports were valued at US$205.7 billion, up 18.2%, according to figures released by the Chinese customs.
While the Ministry of Commerce projected foreign trade to grow by about 10% a year between 2006 and 2010, Li's institute predicts the growth rate will be between 12% and 15%. Based on these projections, Li said that China will overtake the U.S. to be the world's largest trader in 2010.