China overtook U.S. ‘largest trading partner in EU

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China overtook the United States’ largest trading partner in the EU in 2020.Eurostat data also indicated on Monday that the EU trade deficit with China rose from $ 199 billion. It’s $ 219 billion.

In 2020, China overtook the United States. Step up to become the EU’s largest trading partner despite the COVID-19 epidemic All over the world are still harsh. Trade between China and the EU is worth $ 709 billion (586 billion euros, or £ 511 billion), compared with $ 671 billion in US imports and exports.

Although the Chinese economy in the first quarter of the year has not fully recovered due to the COVID-19 epidemic. But the Chinese economy continued to recover at a later time due to the benefit of the demand for products from the EU.

Last year, China was the only country where gross domestic product (GDP) expanded as demand for cars and luxury goods from the EU increased significantly. This excludes the growing demand for medical devices and electronics that China exports to Europe.

“In 2020, China is the main partner of the EU. In the aftermath, imports rose 5.6 percent and exports increased 2.2 percent, ”said Eurostat, the EU statistics agency.

The figures for Eurostats Similar to the official Chinese data published in January, which showed that China’s trade with the EU grew approximately 5.3 percent to $ 696.4 billion in 2020. But said on Monday the EU trade deficit with China rose from $ 199 billion to $ 219 billion.

In parts of the US and UK Both countries are still the EU’s largest export markets. But trade volumes in both countries have fallen considerably.

“Trade with the US fell sharply, with a 13.2% drop in imports and a drop in exports. 8.2% ”, data from Eurostat stated.

The trade volume between the US and the EU has dropped. This is partly due to the back-and-forth interactions between the United States and the EU following the imposition of tariffs on steel and products such as French cognac. And a US Harley-Davidson motorcycle In the last year U.S. and EU trade volumes were $ 671 billion, down from $ 746 billion a year earlier.

However, until now, it has not been clear whether the new US government. Will Under Joe Biden’s management reevaluate the trade relationship between the US and Europe? While the EU and China Trying to strengthen the economic ties with each other This includes efforts to enter into investment deals that will give European companies more access to the Chinese market.

While IHS Marquit, a leading research company, predicts that Real world trade will increase approximately 7.6 percent after estimates that world trade will shrink 13.5 percent in 2020 to $ 16.4 trillion.

In the EU. It sees China as an opportunity for trade and investment, and now it has begun to see that China is both a partner, rival and rival, and the EU wants to continue its relationship with China as a partner in driving various global challenges. Whether it is reforming the World Trade Organization (WTO) Collaboration to produce a vaccine against COVID-19 Under the World Health Organization (WHO) or the push for the Paris Agreement on Climate Change

Past the Wall Street Journal website Presented an analytical report that China is set to be the number one foreign-invested target in the world since the coronavirus outbreak in 2020. The United States is the number one country that attracts foreign direct investment (FDI) in the world.

Data from the United Nations Conference on Trade and Development (UNCTAD) indicated that the United States was in a difficult time trying to stop the COVID-19 epidemic. And the economic output decreased, resulting in a 49% decrease in the status of foreign investment targets.

This makes China, the second ranked country in direct investment target countries all along. It became number one with a 4% increase in foreign firms investing, despite Chinese authorities having a tight lockdown on disease control early on. Of the outbreak to control most of the disease

Rising investment figures in China in 2020 underscore that China is becoming the center of the global economy from what it had previously been to the US.

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