It’s happening as people have expected it would.  China’s trade is shifting away from Europe and the U.S., and heading to growing emerging markets.  Much of this is because the U.S. and Europe are contracting.

But a lot can be said about the fact that countries in southeast Asia to Russia and India are growing percentage wise more than the core markets are shrinking.

Over time, the volume growth in emerging markets will make up for the losses in Europe, China’s main trade partner.

The General Administration of Customs said Thursday that the Association of Southeast Asian Nations (ASEAN), Latin America and Africa accounted for 9 percent, 6.4 percent, and 3.8 percent of China’s exports in 2011, up from 7.2 percent, 2.9 percent and 2.1 percent, respectively, in 2002. Chinese exports to India and Russia in 2011 rose by 1.8 and 1 percent from 2002, respectively, according to the data.

Exports to the United States and Japan dropped by 4.4 and 7.1 percent in 2011 compared to 2002, respectively. Exports to the European Union, China’s largest trading partner, rose by 2.5 percent last year compared to 2002, the data showed.

Source : forbes.com