The Leaders in Export
According to the data, China is not only on its way to take over Japan’s position as the second biggest world economy, but it has also excelled in its automotive industry, taking the number one slot from the US. China is now the leader in the automotive industry, as well as in the export industry. Looking at the growth that China has enjoyed, economists have forecast that China will experience an estimated growth in their GDP of approximately ten percent annually for the next few years. According to custom logs, China has had an increase in trade of approximately 17.7 %, which is more than the 4 % that was predicted for their growth. Imports have also increased, specifically in regard to copper, iron ore and crude oil. There is, however, concern that China might get criticized for their dramatic increase in the use of raw materials, as this increase leads to the destruction of more rainforests; and as the world is trying to minimize the burning of fossil fuels, environmentalists might fight China on these issues.
Other industries that have also taken off in this period of economic growth includes soya beans, steel and meat. Farmers are preparing to accommodate the increase in demand for agricultural products as consumer needs have grown. When comparing exports for last year, the United States came in with $1.06 trillion, Germany exported $1.12 trillion and China raked in $1.2 trillion. China has emerged victorious from their economic slump, and continues to mature in economic strength. And if this phenomenal growth persists, China will remain the leader in exports and many various industries.