The Organization of Economic Cooperation and Development (OECD) has reported that China is likely to become the largest exporter, and the fourth largest economy, in the world in 5 years. By then goods and service from China are expected to account for 10 percent of international trade volume, up from 6 percent at present.
In the meantime, the trade surplus in August doubled to US$10 billion as export growth exceeded import growth for the 10th month in a row. August exports grew by 32.1 percent, while imports grew by 23.4 percent. The figures are likely to result in continued political pressure from the EU and the US for further appreciation in the RMB.
See related articles:
- OECD: China to become largest exporter in five years
People’s Daily Online – Beijing, China
China’s Trade Surplus More Than Doubles to US$10 Billion in August
Sept. 12 (Bloomberg)