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BEIJING – China overtook Germany as the world's top exporter after December exports jumped 17.7 percent for their first increase in 14 months, data showed Sunday, in another sign of China's rise as a global economic force.
China's new status is largely symbolic but reflects the ability of its resilient, low-cost manufacturers to keep selling abroad despite a slump in global consumer demand due to the financial crisis.
I never knew Germany was once the biggest exporter. News to me. Im sure we all pretty much saw this coming.
Originally posted by Dermo
Germany has been the worlds top exporter for decades & was only passed out in economic output by China in late 2007/early 2008.. Now it even sells the Chinese factories most of their production equipment. At 82 million people and with the EU's largest internal economy, Germany is one of the worlds wealthiest countries in the worlds wealthiest economy.. Even though you rarely hear anything from them on a world stage because they are still embarrassed over WW2.
Already the biggest auto market and steel maker, China edged past Germany in 2009 to become the top exporter, yet another sign of its rapid rise and the spread of economic power from West to East.
Originally posted by Lonestar24
Especially since the gigantic Chinese economy still is incapable of indigenous innovation in no area whatsoever.
Huawei (China) had the highest number of patent filings, with a total of 1737 applications in 2008. Ranking second through fifth were Panasonic (Japan), Philips Electronics NV (Netherlands), Toyota (Japan) and Robert Bosch GMBH (Germany).
Trade imbalances. Some countries, notably the United States and the United Kingdom, have significant trade deficits which are reflected in their balance of payments. The United States has reached a staggering trade imbalance, which accounted to more than $882 billion in 2008. This aspect is dominantly linked with service and technology-oriented economies that have experienced a relocation of labor-intensive production activities to lower costs locations.
They are highly dependent on the efficient distribution of goods and commodities. Conversely, countries having a positive trade balance tend to be export-oriented with a level of dependency on international markets. Germany, Japan, Canada and China are among the most notable examples. China has a positive trade balance, but most of this surplus concerns the United States. It maintains a negative trade balance with many of its partners, especially resources providers (e.g. Australia).
General Motors sales in China surged 67 percent last year, the company announced Monday, as the automaker and its joint ventures exploited rising affluence there to sell more than 1.8 million cars and trucks.
GM, already among the most important auto manufacturers in China, said the market share of its Chinese ventures rose to 13.4 percent, up 1.3 percentage points from 2008. Leading the company's sales in China were Buicks, as well as inexpensive small vans and pickups.
Boosted by government stimulus programs, China's total vehicle sales soared 45 percent last year to an estimated 13.6 million, the China Passenger Car Association said. By contrast, U.S. sales of cars and light trucks plunged 21 percent in 2009 to 10.4 million as a shaky economy kept buyers away from showrooms.
Originally posted by SeekerofTruth101
China is only competing based on cheap products. But unfortunately, those are NOT quality products. Buy it once and you will never want to buy it again.