Help us end the fiscal year strong. Donate by June 30. Give Now

China pulling to lead in world exports

Scott Tong Dec 28, 2009
HTML EMBED:
COPY

China pulling to lead in world exports

Scott Tong Dec 28, 2009
HTML EMBED:
COPY

TEXT OF STORY

Stacey Vanek-Smith: It’s been a huge year for China, and now the country’s on track to end the year as the world’s leading exporter — pushing Germany out of the top spot. From Shanghai, Scott Tong reports.


Scott Tong: China’s exports of goods “will probably surpass” Germany this year. That’s how China’s vice commerce minister put it.

It won’t be a big surprise, cause China’s been gaining. This decade, Chinese exports have grown an average 25 percent a year. That’s twice as fast as Germany. The two titans each shipped out about $1.4 trillion of goods last year. That’s 9 percent of global trade.

The U.S. sits in third place with 8 percent, though it is the world’s leading exporter of services — for instance, consulting and banking.

For all China’s success, here’s an asterisk or two. Almost half its exports are simply taking parts from outside China and assembling them. And China takes a lot of heat for facilitating its exports with an artificially cheap currency.

In Shanghai, I’m Scott Tong for Marketplace.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.