China overtakes Germany as the world’s largest exporter
29 Aug 2009
China has become the world's largest exporter, overtaking Germany in the first half of 2009, the World Trade Organization said this week.
Germany, which held the No1 position since 2003, was toppled by China by a slender $10 million as its exports reached $521.7 billion in the period.
The Geneva-based WTO said that China exported goods worth $521.7 billion in the first half of 2009, while Germany's total was $521.6 billion.
Germany has held the status as the world's leading exporter since 2003, and even though total Chinese exports have declined year on year for nine months, the WTO had predicted that China would surpass Germany as the largest exporter in 2009.
Till the mid '70s, China's annual overseas trade volume were in the region of approximately $1 billion and China's total imports and exports reached $14.8 billion in 1977.
In 2007, Germany's exports stood at $1.32 trillion while China's exports reached $1.22 trillion, according to the WTO. However, between 2000 and 2007 China's exports grew at an average annual rate of 25 per cent, while Germany's exports grew by 13 per cent annually.