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China is also one of Nigeria's important trading and export partners. Although Nigeria maintains trade relations with Taiwan, and has a representative office in Taipei, it issued a joint communiqué with China in 2005, reaffirming that Beijing was "the only legitimate government representing the whole of China and Taiwan is an unalienable part ...
China has become the world's second largest economy by GDP (Nominal) and largest by GDP (PPP). 'China developed a network of economic relations with both industrial economies and those constituting the semi-periphery and periphery of the world system.' [1] Due to the rapid growth of China's economy, the nation has developed many trading partners throughout the world.
The World Integrated Trade Solution (WITS) is a trade software provided by the World Bank for users to query several international trade databases.. WITS allows the user to query trade statistics (export, import, re-exports and re-imports) from the UN's repository of official international trade statistics and relevant analytical tables (UN COMTRADE), tariff and non-tariff measures data from ...
Conversely, the EU is China's largest source of imports. While the EU and the United States dominate as the largest trading partners in many parts of the world, other countries such as Brazil, Russia, and South Africa are gaining prominence within their respective regions.
China surpassed the US in 2009 to become Africa's largest trading partner. Bilateral trade agreements have been signed between China and 40 countries of the continent. In 2000, China Africa Trade amounted to $10 billion and by 2014, it had grown to $220 billion. [3] As of 2024, Africa makes up less than 5% of China's global trade. [4]
World map by trade as a share of GDP. [1]This is the list of countries by trade-to-GDP ratio, i.e. the sum of exports and imports of goods and services, divided by gross domestic product, expressed as a percentage, based on the data published by World Bank.
The trade volume between Nigeria and the United Kingdom rose by 35% from USD6.3 billion in 2010 to USD8.5 billion in 2011. [168] In Q1 2024, Nigeria's exports were dominated by petroleum products, including crude oil and liquefied natural gas. Major export destinations included China, India, and the Netherlands. [169]
Trade openness in 2017 [1]. The trade-to-GDP ratio is an indicator of the relative importance of international trade in the economy of a country. It is calculated by dividing the aggregate value of imports and exports over a period by the gross domestic product for the same period.