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Tuesday 12th of January 2010
January 10, 2010    

China becomes world’s largest exporter

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by Kay Murchie
China becomes world's largest exporter

It has been suggested that China, which is the world’s third largest economy, has overtaken Germany as the world’s biggest exporter, the Xinhua news agency reported today.

China’s new status will come as no surprise to analysts who have described the economy’s recovery as impressive.

Furthermore, it reflects the ability of its low-cost manufacturers to keep selling abroad despite a slump in global consumer demand owing to the financial crisis.

Official figures released today revealed that Chinese exports soared 17.7% on an annual basis in December, while imports rose 55.9%.

The increase breaks a 13-month decline in trade as a result of the economic downturn.

The figures suggest that China will overtake Germany’s export total for the whole of 2009. However this will not be ‘official’ until Germany’s full-year data is published next month.

Official figures recently showed that Chinese GDP growth surged to 8.9% in the July to September period, up from 7.9% in the April to June period.

China’s Government is targeting economic growth of around 8% this year and many economists believe this is easily achievable.

Meanwhile, it was revealed in October that annual car production in China accelerated and topped the 10 million mark for the first time and is set to overtake the world’s leading economies.

Only the US and Japan (the world’s number one and two economies) have produced 10 million cars in a single year.

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