China Overtakes the US as Largest Trading Partner of European Union

The People’s Republic of China has overtaken the United States (US) as the largest buying and selling associate of the European Union (EU) in 2020, in line with the information by the European Union statistics company, Eurostat. Britain, which left the European Union in 2020, was the third-largest buying and selling associate for the bloc, behind China and the United States.

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The commerce quantity of the EU with China reached 586 billion euros ($711 billion) in 2020, in comparison with 555 billion euros ($673 billion) for the US. Bilateral commerce with the UK reached 444.7 billion euros.

  • The EU exports to China rose by 2.2 per cent to 202.5 billion euros whereas imports from China elevated by 5.6 per cent to 383.5 billion euros.
  • Similarly, EU exports to the United States fell by 13.2 per cent in the identical interval and imports by 8.2 per cent.
  • Exports to the UK fell by 13.2 per cent, whereas imports dropped by 13.9 per cent.

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