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Germany cedes crown of world’s top exporter to China

09.02.2010
China has now officially overtaken Germany as the world’s biggest exporter, with official figures showing that German exports suffered their steepest fall since 1950 during 2009.

The figures from Germany’s national statistics office Destatis showed that German exports declined by 18.4pc in 2009 compared to 2008.

The total value of German exports was €803.2bn in 2009, while the total value of imports was €667.1bn, down 17.2pc on 2008 levels.

Destatis acknowledged Germany had ceded its crown as world’s top exporter to China in 2009, noting that according to information of the Chinese Ministry of Commerce, Chinese exports last year amounted to US$ 1,201.7bn, while German exports totalled US$1,121.3bn.

However, despite 2009’s disappointing export performance, German exports in December rose 3.4pc compared to December 2008. This represents the first time since October 2008 that the country’s exports have risen above the level of the same month a year earlier.

In December 2009, Germany exported commodities to the value of €69bn, while importing commodities to the value of €55.5bn, which represents a 6.5pc decline on December 2008 levels.

 

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