When Bob Dylan wrote his classic ballad “The Times are a Changin” was he prescient? Because China has become the world largest exporters of goods beating Germany and China has become the largest Automobile market in the world as well.
First, in 2009 the United State was the oldest and biggest automobile market after car sales in China to exploded 46%. The US lost ground due to the tightening credit market and massive job market. US auto sales fell 2009 by 21% to 10.3 million vehicles. China car and truck sales by 13.4 million vehicles. China auto sales growth of 9 percent.
Meanwhile, the US many years ago lost the lead as biggest exporter of good and service to Germany in the 1990’s. Only to see Germany lose to The People’s Republic China for exporting goods to the US and the World.
Total Chinese Exports in 2009 was $1.2 Trillion in goods. While Germany was a close second with 816 billion Euros ($1.17 Trillion) in goods.
This shows the strength of the low-cost Chinese workforce able to overtake the Germans in manufacturing. It was just three years ago that China past the Germany as the third largest economy, and it s expected that China will surpassed Japan later this year to become the second largest economy. The US is the largest economy in the world for how long not long I am afraid.