$4TN TRADE China edges US out as biggest trader?

Beijing: China may have surpassed the United States to become the world's biggest trading nation as its foreign trade crossed the $4-trillion mark in 2013. The final picture will emerge after the US announces its trade figures next month. 

    "It is very likely that China has overtaken the US to become the world's largest trading country," Zheng Yuesheng, a spokesman for China's customs administration, said while announcing that the country's imports and exports totaled $4.16 trillion last year. 
    US trade came to $3.5 trillion in the first 11 months of 2013, and there is little possibility that it would cross China's level in the last month. China may become the top trader for the first time and stay ahead of the US in total foreign trade by $250 billion once 
Washington releases full data for 2013, sources said. 
    China became the world's biggest goods exporter in 2009. Its imports have also risen steadily. 
    Chinese foreign trade grew at 7.6% in 2013. The growth rate has fallen short of the government's 8 per cent target. The country's exports rose at an annual rate of 7.9% to $2.21 trillion while imports grew 7.3%. to $1.95 trillion. 
    China continued to buy less than it sold resulting in a 12.8 per cent rise in trade surplus to $259.75 billion, according to Customs data released on Friday. 
    The European Union and US accounted to over one-fourth of China's total trade at $559 billion and $521 billion, respectively. Countries in the Association of South East Asia were engaged with China for trade worth $443 billion, up by nearly 11 per cent compared to 2012. 
    Trade with Japan saw a sharp decline of over five per cent reaching $312.5 billion after a year of acrimonious relationship between the two countries. 
    Some analyst suspect that a section of Chinese exporters are overstating their shipments in order to bring more funds into the country. Chinese authorities have taken action to curb this trend. The foreign exchange regulator the State Administration of Foreign Exchange, said last May it would intensify scrutiny of export voices and impose tougher penalties on firms providing false data.