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China becomes biggest global exporter

28
Aug '09
China has become the world's largest exporter by piping Germany from the number one slot in the first six months of 2009, which Germany had held since 2003. China has overtaken Germany by US $10 million to clock exports of $521.7 billion in the period.

According to a senior official of the government, China will also overtake Japan to establish itself as the world's second biggest economy this year if the exchange rate factor does not come in the way and added by saying that, "The export figure is not surprising, considering, the nation's growing economic strength”.

These figures which have been released by the World Trade Organisation (WTO) had predicted in July 2008 that, China would surpass Germany as the largest exporter in 2009. The latest figures have put China and Germany in a desperate race to establish themselves firmly in the top slot in 2009 and also in 2010.

Before the founding of New China, its annual overseas trade volume was approximately $1 billion and in 1977, China's total imports and exports were only $14.8 billion. Today, its average daily trade volume has touched $7 billion, which in effect means that annual trade volume has surged 2500 times in 60 years.

The reform and opening up of the economy ended the long reign of the closed door economy and led to the acceleration of the economy and foreign trade, especially since its accession to the WTO. From 2002 to 2008, China's foreign trade achieved a 26 percent annual growth, much higher than annual growth rate of world trade.

Sixty years ago, China had only a dozen foreign trade corporations and considering all their branches over the country, the total number was about one hundred and now at the end of April in 2009, China's foreign trade operators reached 755,000. The proportion of foreign-funded enterprises in total foreign trade has increased from 0.3 percent in 1980 to 55 percent at present.

Fibre2fashion News Desk - India


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