China is Now Europe's Biggest Trading Partner for Goods

By Ryan Gandolfo, February 19, 2021

0 0

China became Europe’s top trading partner for goods in 2020 – a reflection of the changing global trade landscape amid the pandemic.

The European Union’s statistics service Eurostat recently released international trade data, which showed China’s increased role in trade with Europe. There were increases in imports (+5.6%) and exports (+2.2%) between China and the EU last year, with the overall value of EU-China goods trade reaching USD706 billion.

Meanwhile, Europe’s trade with the US, the biggest trading partner in 2019, dropped significantly in both imports (-13.2%) and exports (-8.2%).

Most of the EU’s main trading partners recorded negative growth in exports and imports, with China notably the only country to have positive growth in both categories. The EU-China trade deficit also rose due to increased EU imports from China.

Screengrab via Eurostat

Daniel Gros, a fellow at the Center for European Policy Studies, noted that the data doesn’t factor in transatlantic trade in services, which is worth USD595 billion a year, as cited by CNN. 

In the first quarter of 2020, Southeast Asia overtook Europe as China’s largest trade partner, however, analysts said the EU would likely return to being the biggest trading partner after the pandemic subsides.

READ MORE: China Has a New Largest Trading Partner

[Cover image via Unsplash]

more news

China to Build Separation Line on Mt. Everest to Prevent COVID-19

Tibetan guides have been sent up Mt. Everest ahead of a Chinese team in order to prevent contact with climbers ascending from Nepal amid rising COVID-19 cases.

I Competed in a Pro Muay Thai Competition in China… and Lived to Tell the Tale

Living in China brings about countless opportunities for foreigners.

8 Interesting Stats From China's Latest Population Census

China's seventh national population census was released on Tuesday.

Meet the Transgender Designer Making Waves in China

Being trans is a big part of why I chose this path and career.

China Hotel News Roundup: April 2021

What's been going on in the wonderful world of hospitality!

WIN! Tickets to Shop at China's First International Consumers Product Expo

Win tickets to go to China's first International Consumer Products Expo in Haikou.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With

Weekly updates to your email inbox every Wednesday


Download previous issues

Never miss an issue of That's Magazines!

Visit the archives