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China takes export crown from Germany

China takes export crown from Germany article image
China has officially overtaken Germany as the world's largest exporter so far this year, according to figures released by the World Trade Organisation (WTO). Exports from China reached a total value of US$521.7 billion for the first half of 2009, edging out Germany, which had exports worth US$521.6 billion over the same period. WTO chief economist Patrick Low called it "a very tight race" and said the result would depend on a couple of factors: "Not only on what happens to export volumes, but also what happens to exchange rates." China's exports have grown by an average of 25 percent per annum since 2000, while Germany's export have grown by an average of 13 percent. Both countries' exports slowed in 2008, but 2007 data shows Germany reaching US$1.32 trillion in export revenue and China hitting US$1.22 trillion over the 12 months. However, Germany's services sector outshone China's, $210.8 billion to $121.6 billion in that year, and services make up a bigger proportion of German exports compared to China's goods-heavy trade.

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