Alan M. Field | Jul 24, 2009 9:06AM EDT
China is apparently about to overtake Germany as the biggest export nation, the World Trade Organization's chief economist Patrick Low told Reuters Wednesday.
The WTO reaffirmed in its annual report recently that it expects global trade to drop by 10 percent this year, and that Asian trade will outpace trade in Europe.
In 2008, Germany barely preserved its position as the world's leading merchandise exporter, racking up exports of $1.47 trillion, slightly ahead of China, which exported some $1.428 trillion. Asian nations are now beginning to rebound, but Europe, including Germany, is continuing its weak performance, so Germany's dominance in exports may be a thing of the past, Low said.
In its survey of 240 multinational companies' forecasts on global investment, released on July 8, the United States Conference on Trade and Investment concluded that China, which achieved a GDP growth of nearly 8 percent for the second quarter of 2009, remains the top destination for foreign direct investment, followed by the United States and India, Brazil, and Russia. Much of that new investment will be used to add to China's trade competitiveness, and its total volume of exports.
Contact Alan M. Field at afield@joc.com.
