Posts Tagged ‘US and Europe’

China pips Germany to Become World’s No.1 Exporter

China is world’s No. 1 exporter

China has become the world’s largest exporter surpassing Germany, the World Trade Organisation (WTO) has said.

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China piped Germany—which held the No. 1 slot since 2003—by a slim margin of $10 million after exporting goods worth $521.7 billion in the first half of 2009.

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The latest figures have put China and Germany in a desperate race to establish themselves firmly at the zenith in 2009-end and in 2010.

Independent experts, including a WTO economist, have said it’s still too early to say that China would remain ahead of Germany by the end of 2009.

🙂

But elated Chinese economists have predicted that the country will continue to grow and never give up this special position which it has achieved for the first time.

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China will surpass Japan to become the world’s second-biggest economy this year if the exchange rate factor did not come in the way, as expected by experts.

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China’s exports to all its 12 major trading partners have risen rapidly in the past two years.

China’s share in the trade of these 12 countries, including the US and European countries, climbed from 16.2% during the first quarter to 19.3% in early 2008.

🙂

The WTO had predicted last July that China would pass Germany as the largest exporter in 2009.

The Organisation for Economic Cooperation and Development (OECD) said the ratio of China’s foreign trade to global trade will increase from the current 8.7% to 10% when the global economy recovers.

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However experts have a piece of advise for Chinese exporters that their is need for them to shift their focus to emerging markets—instead of the US and Europe—to enhance their competitiveness.

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China has become the world’s largest exporter surpassing Germany, the World Trade Organisation (WTO) has said. China piped Germany—which held the No. 1 slot since 2003—by a slim margin of $10 million after exporting goods worth $521.7 billion in the first half of 2009.

The latest figures have put China and Germany in a desperate race to establish themselves firmly at the zenith in 2009-end and in 2010. Independent experts, including a WTO economist, have said it’s still too early to say that China would remain ahead of Germany by the end of 2009. But elated Chinese economists, including Li Daokui of Tsinghua University, have predicted that the country will continue to grow and never give up this special position which it has achieved for the first time.

“The figure is not surprising, thanks to the nation’s growing economic strength. And possibilities are high that the momentum will continue,’’ Li was quoted in the official media as saying.

China will surpass Japan to become the world’s second-biggest economy this year if the exchange rate factor did not come in the way, Cai Haitao, inspector of the department of policy research under the ministry of commerce, was quoted in the official media as saying.

China’s exports to all its 12 major trading partners have risen rapidly in the past two years. China;s share in the trade of these 12 countries, including the US and European countries, climbed from 16.2% during the first quarter to 19.3% in early 2008.

The WTO had predicted last July that China would pass Germany as the largest exporter in 2009. The Organisation for Economic Cooperation and Development (OECD) said the ratio of China’s foreign trade to global trade will increase from the current 8.7% to 10% when the global economy recovers.

Cai advised that Chinese exporters need to shift their focus to emerging markets—instead of the US and Europe—to enhance their competitiveness.