Exports bail major economies out of trouble

Major economies are reporting an impressive jump in exports, which are helping them kickstart growth after a bruising recession. Britain, Germany, China and Taiwan have all reported impressive numbers which are either touching, or are very close, to highs recorded just before the global meltdown in late 2008.

Britain has reported its highest net exports since June 2008, with a net trade deficit of £3.3 billion ($5 billion) in June against £3.8 billion ($5.76 billion) in May, according to the Office for National Statistics.

China's trade surplus has risen to its highest level in 18 months, while Germany said its exports increased 3.8% between May and June, its highest level since October 2008. It also reported a trade surplus of $18.8 billion (£12.5 billion).

Taiwan has reported export figures of $132 billion for the first half of 2010 and expects its exports to reach a record value of $273 billion in 2010.

In the case of the UK, a weak sterling has helped exports surge at four times the pace of imports in June. This, according to the Office for National Statistics, has resulted in narrowing the country's trade deficit at a smaller than expected £7.4bn ($11.2 billion).

Germany's Federal Statistical Office reported Monday that the country exported goods and services worth euro86.5 billion ($115 billion) in June. This, as mentioned earlier, is up 3.8 per cent from the previous month and marks an increase of 29 per cent compared with June 2009.