China surpasses the United States to become the EU’s largest trading partner, 2021
Eurostat, the European statistical agency, said on Monday that China overtook the United States last year to become the EU’s largest trading partner.
The EU’s imports and exports to China have increased, with trade volume reaching 586 billion euros (706 billion US dollars) in 2020. The EU imported 383.5 billion euros of goods from Chinese, an increase of 5.6% year-on-year. And exports to the Chinese reached 202.5 billion euros, an average annual growth of 2.2%.
According to Eurostat, at the same time, the volume of trade between the EU and the United States has fallen by imports (-13.2%) and exports (-8.2%) to 202 billion euros and 353 billion euros, respectively.
Agence France-Presse (AFP) reported on Monday that the Chinese rapid recovery from the coronavirus pandemic has boosted consumption growth, thereby boosting sales of European products, especially in the automotive and luxury goods sectors. The Chinese exports to Europe benefit from strong demand for medical equipment and electronic products.
Agence France-Presse said the investment agreement that the Chinese and the EU are seeking approval will also allow European companies to better enter the Chinese market.