The Telegraph presents some more amazing statistics from China. It is now the world’s top exporter, and its forex reserves should exceed $1.5 trillion shortly:

China has surged ahead of Germany for the first time to become the world’s top exporter, prompting ever louder demands from the United States and Europe to revalue the yuan. China beats Germany to take world trade crown. Beijing let the yuan break through the key barrier of 7.5 to the dollar yesterday. The euro has risen 18% against the yuan over two years. The EU’s trade deficit with China may top $220bn this year.

Data from the World Trade Organization show that the country vaulted past the US at the beginning of this year and has since moved at lightning speed to eclipse Germany’s once indomitable export machine. It shipped $111bn (£54bn) worth of goods in August, up 55% from a year earlier. Now boasting 8% of global exports –- three times the Britain’s dwindling share –- China has jumped up the technology ladder. Machinery, equipment and cars now make up 46% of total exports, while textiles are fading from the picture.

Beijing let the yuan break through the key barrier of 7.5 to the dollar yesterday, but seems determined to resist Western pressure for faster appreciation. US Treasury Secretary Henry Paulson said it was in China’s own interest to let the yuan rise, given the clear signs of overheating. — Beijing’s policy of holding down the yuan through purchases of US and other foreign bonds has caused reserves to mushroom to $1,430bn, driving up inflation to 6.5%.

“Machinery, equipment and cars now make up 46% of total exports, while textiles are fading from the picture.” China continues to astound. Who knows, maybe this party, unlike all previous parties, really will go on forever.

This entry was posted on Thursday, October 25th, 2007 at 5:15 pm and is filed under China, EU, General, business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.