China's total trade volume in goods ranks high globally

In 1978 the total value of China's imports and exports was only 20.6 billion U.S. dollars, ranking 32nd in world trade and accounting for less than 1 percent of the world's total. In 2010 the total value of China's import and export reached 2.974 trillion U.S. dollars, 144 times as much as that in 1978, averaging an annual growth of 16.8 percent. In 2010 the total value of China's exports was 1.5778 trillion U.S. dollars, showing a 17.2 percent annual growth on average, and the total value of its imports was 1.3962 trillion U.S. dollars, showing a 16.4 percent annual growth on average. In 2010, the total volumes of China's export and import accounted for 10.4 percent and 9.1 percent of the world's total, respectively. By the end of 2010 China had been the world's largest exporter and second-largest importer for two consecutive years.