China now 3rd-largest importer
China has overtaken Japan as the third-largest importing country in the world, according to the World Trade Organization.
“One of the outstanding developments of 2003 was the sharp rise of China’ s trade,” the WTO said in its annual report, just published. “As imports surged by 40 percent, China became the third-largest merchandise importer in the world, ahead of Japan and only behind the European Union and the United States.”
Worldwide merchandise exports rose 16 percent in value in 2003, to a new record level of $7.3 trillion. More than two thirds of this increase was due to dollar price changes, rather than higher volumes.
“Higher commodity prices are one factor which caused merchandise trade to expand faster than trade in commercial services which was up by 12 percent to $1.8 trillion in 2003,” the WTO said.