Recent Updates
- Norway: International Reserves (Feb-Prelim)
- Denmark: Bankruptcies by Industry (Feb)
- Belarus: International Reserves (Feb)
- Estonia: CPI (Feb)
- Australia: Official Reserve Assets (Feb)
- more updates...
Economy in Brief
U.S. Initial Unemployment Insurance Claims Rise Just 9,000
Initial claims for unemployment insurance rose modestly by 9,000 to 745,000 in the week ended February 27...
U.S. Productivity's Decline Lessened in Q4'20; Reverses Q3 Increase
Revisions to nonfarm business sector productivity indicated a 4.2% decline during Q4'20...
EMU Unemployment Rate Steadies in January
The overall EMU unemployment rate was steady in January, off peak, but still elevated...
U.S. ADP Nonfarm Private Payroll Increase Disappoints in February
Job market strength moderated last month....
U.S. ISM Services Index Weakens in February
The ISM Composite Index of Services Activity declined to 55.3 during February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Louise Curley September 19, 2005
August exports of goods from the Republic of China recorded a 32% increase over the year ago figure according to the CEIC data that are available in Haver's CEIC China Premium Database. At this pace, it is not surprising that OECD (Organization for Economic and Development) in its first Survey of China suggests that China could overtake the United States and Germany as the world's largest exporter, in the next five years. A summary of the OECD Economic Survey of China can be found at here.
The growth in China's exports of goods compared with that of the U.S. is shown in the first chart, and with that of Germany in the second chart. The data for Germany and the
U. S. are only through July. The differences between the growth rates of China versus the U. S. and China versus Germany have been consistently large over the past few years. Exports of goods and the annual growth rates for the three countries are shown below for the past five years. In 2004, exports of goods from the U. S., Germany and China were, respectively, $816 billion, $912 billion and $593 billion.
(Million of U. S. Dollars) | Aug 05 | Jul 05 | Aug 04 | M/M % | Y/Y % | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|---|---|
Chinese exports of goods | 67820 | 65584 | 51400 | 3.41 | 31.95 | 593232 | 438250 | 325711 |
Total Exports of Goods | 2004 | 2003 | 2002 | 2001 | 2000 | |||
United States | 816395 | 723611 | 693123 | 730906 | 771991 | |||
Germany | 911889 | 742063 | 612794 | 570275 | 548785 | |||
China | 593232 | 438250 | 325711 | 266698 | 249195 | |||
Annual Percent Change | ||||||||
United States | 12.82 | 4.40 | -5.17 | -5.32 | 11.27 | |||
Germany | 22.86 | 21.10 | 7.45 | 3.92 | 2.48 | |||
China | 35.36 | 34.55 | 22.13 | 7.02 | 27.84 |