China is Now World Number One Exporter

26 October 2007

BEIJING: Latest figures from the World Trade Association show that China has pulled ahead of Germany to become the globe's biggest exporter. It shipped goods to the value of $111 billion (€77.6bn; £54.1bn) in August, up 55% from a year earlier.

The increasing strength of China's export muscle has prompted calls from the US and the European Commission for a revaluation of the yuan.

American treasury secretary Henry Paulson says it is in China's interest to let the yuan rise, given the signs of economic overheating and inflation at 6.5%.

EU trade commissioner Peter Mandelson has urged Beijing to put the brakes on the volume of goods it sends to Europe. The euro has risen 18% against the yuan over two years and the trade deficit with China may top $220bn this year.

He says: "It's a question of China... being more conscientious in shouldering [its] fair share of the demands of this trading relationship

Ripostes Wu Xiaoling, deputy governor of China's central bank: "Maybe we are not rushing things as some people wish us to do, but we are moving in a correct direction and in a smooth manner."

Data sourced from; additional content by WARC staff