International Business Law Advisor Insights on International Litigation & Transactions

China Surpasses U.S. in World Trade.

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international trade, international business, international attorneyChina is now number one in world trade, according to Bloomberg.

In taking over the top slot from the U.S., China threatens to disrupt regional trading blocs across the globe,  where the U.S. has been the dominant player.

The Bloomberg report noted that, while U.S. exports and imports of goods last year totaled $3.82 trillion, China’s  2012  tally came in at $3.87 trillion, just barely toppling the U.S. off its pedestal.

Jim O’Neill, chairman of Goldman Sachs’s asset management division noted that ”for so many countries around the world, China is becoming rapidly the most important bilateral trade partner.”

Looks like 2013 is shaping up to be a record-breaking year for international trade.