China makes new friends in the developing world
Michael Smith and Amit Prakash Bloomberg News
Monday, January 12, 2004
New trade ties may come at the expense of U.S.
China may well be the favorite whipping boy of manufacturers in the United States these days. But in the developing world, the country is becoming the trading partner of choice, drawing in airplanes from Brazil, soybeans from Argentina and seafood from Malaysia, boosting economies and leading to new political alliances.
Brazil's exports to China surged 81 percent in the first 11 months of last year to $4.23 billion, according to the Brazilian government. The rest of Asia - Australia, Brunei, Hong Kong, Indonesia, Japan, South Korea, Macao, Malaysia, New Zealand, Papua New Guinea, Philippines, Singapore and Taiwan - exported 44 percent more to China in the 10 months through October, or $219.7 billion. Malaysia sent 16.2 percent of its foreign shipments there in the first half, five times as much as in 2000. China's gross domestic product grew 8.5 percent in 2003, the fastest of the world's 10 biggest economies.
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