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China has overtaken the United States as the EU’s largest trading partner by 2020. Although trade with the countries with which Europe trades has been severely affected by the Crown epidemic, Europe’s trade with China has not been seen. negatively affected.
According to a BBC report, trade between China and the European Union reached .9 60.9 billion last year (৯ 609 billion or ৮৬ 56 billion). Compared with that, the import and export amount of Europe with America was 6 billion dollars.
The Chinese economy also contracted in the first three months of the year due to the epidemic. But at the end of the year, when the country’s economy started to recover, the demand for EU products in the Chinese market continued to increase.
China is the only country in the world with strong economic growth in 2020. And this growth has led to increased demand for European cars and luxury consumer goods in China.
On the other hand, the European market has created a great demand for medical and electronic equipment made in China, which has benefited China’s export trade.
China was the EU’s main trading partner in 2020, according to Eurostat, the EU statistical office. The main reason behind this is that the growth of imports is 5.6% and the growth of exports is 2.2%.
The Chinese government released similar figures in January. Chinese government data shows that the country’s trade with the EU grew by 5.3% in 2020.
The EU’s trade deficit with China has also widened, according to figures released by Eurostat on Monday. The deficit has increased from 199 billion to 219 billion. Source: BBC
Ittefaq / SR
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