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            october 20, 2019

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China becomes largest goods trader in 2013


China becomes largest goods trader in 2013 overtaking the US's combined export and imports during the year by US$250 billion to top US$4.6 trillion, according to the latest data from the World Trade Organisation (WTO).
China was the world's largest exporter totalling $2.21 trillion in exports. It became the second largest importer reaching $1.95 trillion that helped to open up foreign investment and generate jobs for global trade partners.
This is a significant milestone and a great achievement for a developing country that joined WTO in 2001, said Minister of Commerce Yao Jian.
But the world's second largest economy still lacks clout as a strong trading country because it relies too much on low-added value products in mass quantities, said Mr Yao.
This coupled with a lack of home-grown brands and weak marketing network has reduced its overall competitiveness, he added.
During 2013, the country's ratio of electromechanical and high-tech exports stood at 57.3 per cent and 29.9 per cent but most of the core technology remained with foreign countries.
To improve competitiveness, China needs to make entry with the world's trade partners easier, restructure the economy and promote models of growth, said Mr Yao, reported Xinhua.

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