China on top
January 7, 2010
China has overtaken Germany as the world's number one exporter, according to the latest trade data from 2009.
In the first ten months of 2009, China exported a total of 663 billion euros of goods while Germany exported 638 billions worth, according to customs data from the Global Trade Information Services, a Geneva-based market research firm.
The announcement comes as little surprise to analysts who say China has weathered the global financial crisis better than other major economies. The past decade has seen China report high annual growth in its export sector - regularly topping 20 percent.
In 2007, China surpassed Germany to become the world's third largest economy behind the US and Japan, and in 2010, it is expected to climb to the number two spot.
Slow recovery
Germany's dethronement from top exporter status comes as analysts predict a slow economic recovery for the country.
The BDI Federation of German Industries said in its latest foreign trade report that its export sector wouldn't return to pre-crisis levels until 2014.
"Germany's export industries are on the road to improvement, but the recovery process will take longer," BDI president Hans-Peter Keitel wrote in his introduction to the report. "The export industries had to battle through a tough setback in 2009."
In the first 10 months of 2009, Germany's exports fell 27.4 percent, compared with 20.4 percent for China and 21.4 percent for the US.
China has recently come under harsh criticism from both Europe and the US for allegedly failing to comply with global trade rules.
vj/dpa/Reuters
Editor: Sam Edmonds