CHINA BECOMES EUROPEAN UNION'S BIGGEST TRADING PARTNER

  • 15/02/2021

China overtook the United States to become the European Union's biggest trading partner, according to data released by the EU statistics agency Eurostat.The third-largest trading partner for the EU is now Britain, which recently exited the European Union. The pandemic which began in China seemed to have the least negative impacts on its source country.

The Chinese economy was hit hard during the first quarter after the pandemic hit, but it soon recovered as consumption by the end of 2020 exceeded levels from even a year ago.According to Eurostat, the trade volume with China touched 586 billion euros ($711 billion) in 2020. This is higher than 55 billion euros ($673 billion) for the US. The agency added that EU exports increased by 2.2 per cent. At the same time, imports from the People's Republic of China rose by 5.6 per cent.

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