China continues to dominate the global market, and Tortola Capital reports that the powerhouse in the East has de-throned the reigning export champion from the West. Already the biggest auto market and steel maker, China edged past Germany in 2009 to become the top exporter. Total 2009 exports were more than $1.2 trillion, China's customs agency reported on Sunday. That was ahead of the 816 billion euros ($1.17 trillion) forecast for Germany by its foreign trade organization, BGA.
China's new status is mostly symbolic but highlights its growing presence as an industrial power, major buyer of oil, iron ore and other commodities and, increasingly, as an investor and strong voice in managing the global economy.
Its ability to unseat longtime leader Germany reflects the ability of agile, low-cost Chinese manufacturers to keep selling abroad as other exporters have been hit by a slump in global demand.
