Tuesday, the World Trade Organization (WTO) data was released which revealed that for the first time ever, during the first half of 2009, Chinese goods exports edged ahead those of the world's largest exporter, Germany.

While German goods exports reached only 521.6 billion dollars, Chinese goods exports reached 521.7 billion dollars over the first six months of the year. As per a WTO economist, "It is an indication that the two countries are very very close." However, he did specify that it is too early to determine whether China will overtake Germany by the end of the year as the world's largest exporter of goods over the whole of 2009. He did not make a prediction for it either.

He continued, "It will depend on a number of parameters such as the exchange rate as well as a recovery in certain regions."

From quite some months now, exports from both countries had been wavering; however, they have displayed hints of a recovery recently. It should be noted that Germany, which is the biggest exporter of goods and services, had been receiving tough competition from China. The latter has been gaining ground with the explosive growth of the Chinese economy.

WTO remarked: "In 2007, Germany exported 1.32 trillion dollars of goods over the full year while China's exports reached 1.22 billion." A growth in Chinese exports was seen by an average of 25 percent a year between 2000 and 2007. Meanwhile, German exports grew at a slower pace, 13 percent per annum.

WTO concluded: "However, Germany's 210.8 billion dollars in services exports in 2007 clearly distanced the 121.6 billion dollars recorded by China."