Yu Guangzhou, Vice Minister of Commerce, said while attending the China Economic Development Forum recently that keeping in mind the current pace of the growth, the total export volume of the country is expected to surpass that of US. This could inch up the country's world ranking to the second spot.
In terms of export volume, China currently stands third, behind Germany and the US. China would most likely overtake the US in 2007 to become the world's second largest exporter.
Statistics show that China's total exports last year were less than US $70 billion from the United States, while growth rate was seven percent higher than the US. Estimates reveal that country's exports this year would exceed $50 billion over the US.
Experts expect that China would further catch up with Germany to become world's largest exporter, if it maintains its current import and export growth rate.
Forecasters believe that within the next two years, China is likely to surpass Germany to become the world's second largest importer after the US.
According to Customs statistics, China's total import and export volume reached $980.9 billion in the first half of this year, an increase of 23.3 percent over the same period last year.
Of this, exports marked $546.7 billion, an increase of 27.6 percent year-on-year where as imports registered $434.2 billion, a rise of 18.2 percent compared to last year.
Fibre2fashion News Desk - China
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