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. Exports for the last month of 2009 were $130.7 billion, data from the General Administration of Customs showed.
That raised total 2009 exports to $1.2 trillion, ahead of the 816 billion euros ($1.17 trillion) for Germany forecast by its foreign trade organisation, BGA. 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.
December's rebound was an "important turning point" for exporters, a customs agency economist, Huang Guohua, said on state television, CCTV. "We can say that China's export enterprises have completely emerged from their all-time low in exports," Huang said.
Stronger foreign sales of Chinese goods could help to drive the country's recovery after demand plunged in 2008, forcing thousands of factories to close and throwing millions of labourers out of work. Boosted by a 4 trillion yuan ($586 billion) stimulus, China's economic expansion accelerated to 8.9 percent for the third quarter of 2009 and the government says full-year growth should be 8.3 percent. Economists and Germany's national chamber of commerce said earlier the country was likely to lose its long-time crown as top exporter.
China is best known as a supplier of shoes, toys, furniture and other low-tech goods, while Germany exports machinery and other higher-value products. German commentators note that their country supplies the factory equipment used by top Chinese manufacturers.
China surpassed the United States as the biggest auto market in 2009 and is on track to replace Japan as the world's second-largest economy soon. China passed Germany as the third-largest economy in 2007.
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