China emerges as world's top exporter

Posted By: Staff
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New Delhi, Feb 10 (ANI): China has emerged as world's top exporter after new figures showed that German exports slid by nearly a fifth in 2009, the biggest decline in 60 years.

Germany's multi-year reign as the world's No 1 exporter officially ended, Xinhua reports.

The German government figures on Tuesday only confirmed an open secret: China's runaway growth and resilience amid the financial crisis put its exports ahead of Germany, which suffered a severe recession before returning to growth in last year's second quarter.

Last month, China's customs reported that total 2009 exports were more than 1.2 trillion dollars, well ahead of 1.1 trillion dollars that Germany reported on Tuesday.

For Germany, the figure was a drop of 18.4 percent from 2008, although exports returned to year-on-year growth in December.

"The crisis has accelerated the shift in power in world trade toward the emerging countries," said Anton Boerner, the head of Germany's BGA exporters' association.

"The fact that we are passing on the title of world export champion to China doesn't cause us any worries. The growth of the Chinese economy will also secure our growth and jobs in Germany for long years," he added.

Boerner noted in December that demand for German products from all parts of the world was up on the year.

Germany took over the top spot in terms of exports in 2003, surpassing the US.

China's newfound status is mostly symbolic but highlights its growing presence as an industrial power, major buyer of oil, iron ore and other commodities and, increasingly, as an investor and key voice in managing the global economy. (ANI)

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