China has now emerged as the world's biggest trading nation beating US in terms of the value of total exports and imports of goods and services. This is the first time that an Asian nation has surpassed the dominant position of the US in the global trade after the World War II.

The figures relate to the trade in 2012 according to Goldman Sachs group. The US commerce department quoted a figure of $3.8 trillion when asked about the total exports and imports while that of China were higher at $3.9 trillion as reported by China's customs administration for the same period.

Jim O'Neil of Goldman Sachs group also mentioned that the quick rise of the Chinese in the global trade could be a threat to regional trading blocs.

(AW- Anil)