China Overtakes US As EU’s Biggest Trading Partner

Related stories

Ganduje: Why are they resigning?

By Bola Bolawole turnpot@gmail.com 0807 552 5533 (Published in my TREASURES...

OPEC Reports a Global Oil Production Decline in 2024

Global crude oil production declined by 1% last year,...

IMF Warns FG to Overhaul 2025 Budget to Prevent Economic Meltdown

By Abiola Olawale The International Monetary Fund (IMF) has issued...

2027: Peter Obi Vows, Says ADC Coalition ‘ll prioritize Nigerians’ Welfare

By Abiola Olawale The 2023 Presidential candidate of the Labour...

Tragedy! Liverpool Star Diogo Jota Dies in Car Crash in Spain

He was 28 years old By Abiola Olawale In a...

China last year overtook the United States as the EU’s biggest trading partner, the EU statistics agency Eurostat said on Monday.

Britain meanwhile, which is no longer part of the European Union, was the third-largest trading partner for the bloc, behind China and the United States, the agency said.

The supremacy of China came after it suffered from the coronavirus pandemic during the first quarter but recovered vigorously with consumption even exceeding its level of a year ago at the end of 2020.

This helped drive sales of European products, particularly in the automobile and luxury goods sectors, while China’s exports to Europe benefited from strong demand for medical equipment and electronics.

The dethroning of the US comes as the EU and China are seeking to ratify a long-negotiated investment deal that would give European companies better access to the Chinese market.

Eurostat said the trade volume with China reached 586 billion euros ($711 billion) in 2020, compared to 555 billion euros ($673 billion) for the US.

The agency said EU exports rose by 2.2 percent to 202.5 billion euros while at the same time, imports from the People’s Republic of China increased by 5.6 percent to 383.5 billion euros.

EU exports to the United States fell by 13.2 per cent in the same period and imports by 8.2 percent.

In addition to the Covid-19 crisis, transatlantic trade has been impaired by a series of tit-for-tat feuds that have resulted with tariffs being on steel and products such as French champagne or Harley-Davidson motorcycles.

Eurostat said trade with the UK plummeted in 2020, the year Britain officially left the bloc, though it was in a transition period to blunt the effects of Brexit until December 31.

EU exports to the UK fell by 13.2 percent, while imports from across the channel dropped by 13.9 percent, Eurostat said.

AFP

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Ganduje: Why are they resigning?OPEC Reports a Global Oil Production Decline in 2024IMF Warns FG to Overhaul 2025 Budget to Prevent Economic Meltdown2027: Peter Obi Vows, Says ADC Coalition 'll prioritize Nigerians’ WelfareTragedy! Liverpool Star Diogo Jota Dies in Car Crash in SpainFamily Announces Burial Date of Ex-Kwara Governor, Cornelius AdebayoSex Scandal: Baltasar Engonga, Ex-Equatorial Guinea Anti-Corruption Boss Bags 18 YearsFormer AGF Abubakar Malami Dumps APC, Joins ADCIt’s Another Big Brother Season Of DistractionsYou must marry me and my children, By Funke Egbemode[VIDEO] Drama as Burglar is Caught in Overnight Heist at FCMB Branch in Imo2027: Why Peter Obi Proposed a Single-Tenure to Atiku, David Mark, Others -Obidient Movt RevealsOkpebholo vs Asue Ighodalo: Anxieties as Supreme Court Reserves Judgment on Edo Governorship Election Case2027 Election Battle Rages as Gen David Mark Quits PDP, Leads Coalition Against TinubuOil Markets Refocus on OPEC as Iran-Israel Conflict Cools
X whatsapp