China has become the EU’s largest trading partner, more so than the United States last year. Trade between China and the trade union reached $ 709 billion (CZK 15.2 trillion) last year, while trade with the United States was worth $ 671 billion. At the same time, Beijing broke a common trend – trade with most European partners last year collapsed due to the Govt-19 epidemic, the BBC News Server wrote today.
Although the Chinese economy contracted by 6.8 percent in the first quarter, its subsequent economic recovery has boosted demand for EU cars and luxury goods. Exports from China to Europe also experienced strong demand for medical equipment and electronics. China was the only major economy to grow last year.
“By 2020, China was a major partner of the EU. An increase of 5.6 percent in imports and a 2.2 percent increase in exports contributed to this decision,” Eurostat said.
These values are close to the official data released by China in January. According to them, trade with the EU increased by 5.3 percent last year to $ 696.4 billion. According to Eurostat data on Monday, the EU’s trade deficit with China rose to $ 219 billion from the previous $ 199 billion.
Although the United States and Britain are the EU’s largest export markets, the alliance’s trade with the two countries fell sharply last year. According to EU figures, “trade with the United States saw a significant decline in imports (13.2 percent) and exports (8.2 percent).
The Atlantic trade was subject to a series of conflicts, which led to the introduction of tariffs on steel and other commodities such as French cognac and American motorcycles. Last year, trade between the United States and the European Union reached $ 671 billion, up from $ 746 billion a year ago. It is not yet clear whether the new US President Joe Biden will reconsider his business approach to Europe.
The EU and China are trying to deepen their economic ties. At the end of last year, 27 people negotiated an initial investment agreement with Beijing, which will facilitate mutual access to markets from investors in both regions.