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China becomes world’s biggest exporter
Published on 9 Jan. 2010 10:29 PM IST
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China has edged past Germany to become the world’s biggest exporter. Though Chinese exports have also suffered a downturn during the financial crisis, it has done better than Germany owing to Beijing’s ability to prevent any gains in the local currency and the economic stimulus package, added Times report. Germany indirectly conceded defeat in the race when its national statistics office reported export figures below the levels achieved by China in the January-November period this year. Berlin reported exports of $1.05 trillion while Chinese exports were $1.07 trillion (734.6 billion euros) in the 11-month period. Chinese exports fell 20 percent in the first 10 months of 2009 due to the global financial crisis. But there are signs of strong recovery and arrest the slide in exports in the first quarter of 2010 besides making some possible gains. Analyst said Beijing’s refusal to buckle under western pressure to revise the rate of exchange for the Yuan helped Chinese exporters to stay afloat during the bad time. Premier Wen Jiabao said in an interview with the State media in late December that China will “absolutely not yield” to calls for currency gains from trading partners. It is Beijing’s political will to resist western pressure as well as develop new markets by enhancing diplomatic exchanges with Asia and African countries that has helped China to both diversify and retain its export strengths. Another reason is the generous export subsidy offered to exporters, who often earn a lot more from government support than they do by selling goods in foreign markets. Low cost loans and grants also helped a vast number of exporting companies to survive, analysts say. The Global Trade Information Services Inc. earlier said that China shipped products worth $957.7 billion as compared to Germany’s exports of $917.7 billion in the first 10 months of 2009. But it is only now that Germany has confirmed China’s clear victory over it in the field of exports.

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