One Billion Dollars
Despite reports to the contrary, China’s Ministry of Commerce insists they are still second fiddle to the United States in terms of raw overseas trade.
The United States Commerce Department said last week that US cross-border trades totalled $3.82 trillion. China’s own reported their total as $50 billion more.
A Goldman Sach’s wise-guy said what we’ve really all known, if not admitted, for years:
“For so many countries around the world, China is becoming rapidly the most important bilateral trade partner.”
“At this kind of pace by the end of the decade many European countries will be doing more individual trade with China than with bilateral partners in Europe.”
However, China was having none of it. Determined to prove that coming second place is almost as good winning, the Ministry of Commerce put out a statement saying the U.S. were throwing the race:
“… the US Commerce Department also released another 2012 goods trade figure of US$3.8824 trillion, among which exports were measured by FAS price (similar with FOB price) and imports were measured by CIF price”
With that figure, and being forced to count using 5 decimals places, China is (just slightly) tailing the U.S.
What’s $15(.64) billion between friends?