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China claims No. 5 trade spot
HONG KONG, China (CNN) -- China has consolidated its position as one of the world's great trading nations, vaulting past the U.K. into fifth spot. New figures from the World Trade Organization (WTO) show China's merchandise exports jumped 22 percent last year to $325.6 billion, while imports rose an equally impressive 21 percent to $295.2 billion. No other trading nation in the top 10 came even close to that level of growth. The world leader, the United States, saw its exports fall 5 percent in 2002 from the previous year. Exports by third-ranked Japan rose 3 percent, while second-ranked Germany posted a 7 percent rise. China's two-way trade flow totalled $620.8 billion, behind the U.S. with $1806 billion, Germany $1105.5 billion, Japan $752.4 billion and France $655.9 billion. Rounding out the top 10 are the U.K. with $615.7 billion, Italy $493.1 billion, Canada $480.1 billion, Netherlands $461.1 billion and Belgium $408.9 billion. Of total world merchandise trade flows of just over $13.1 trillion, the top 10 traders accounted for $7.4 trillion, or 56 percent. The U.S. share is 13.78 percent, while China has 4.73 percent. The WTO sees some clouds ahead on the trade front -- sluggishness in the global economy, the conflict in Iraq and the impact of the SARS outbreak. It is projecting that global trade flows will expand this year by less than 3 percent. (Full story) But even if China's economic growth this year contracts from its first-quarter rate of 10 percent to about five or six percent for the full year, its trade growth is likely to well outstrip that, as it continues to receive the lion's share of offshore investment into Asia. At anywhere near a 10 percent growth rate in merchandise trade, China will overtake France by the end of this year and begin closing on Japan, which has long held the mantle of Asia's greatest trading nation. A rate of 15 percent growth in merchandise trade would see China move past Japan by the end of 2004. But in the services sector -- covering areas such as transportation, financial services, tourism, education and legal services -- it is a different story. China ranks No. 10 in services, with two-way trade of $81.5 billion. In contrast, U.S. services trade in 2002 was $486.2 billion, followed by Germany on $237.7 billion, U.K. $219 billion, Japan $170 billion and France $148.3 billion. Asia's other export-dependent economies also rate high on the global trade ladder. In merchandise exports, Hong Kong ranks at No. 11, followed by South Korea at 12, Taiwan 14, Singapore 15, Malaysia 18, Thailand 24 and Australia 25.
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