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China was the EU’s main trade partner in 2020, taking the top spot occupied until last year by the United States.
During global trade’s annus horribilis, heavily impacted by the coronavirus pandemic, EU-China trade grew while imports and exports to the United States dramatically dropped compared with 2019, according to data by the EU’s statistics office Eurostat published Monday.
In 2020, exports of EU goods to China increased by 2.2 percent and imports went up 5.6 percent, while EU trade with the rest of the world dramatically dropped (down 9.4 percent in term of exports, and down 11.6 percent in terms imports compared with 2019). The pandemic severely hit transatlantic trade, with exports of European goods to the U.S. falling by 8.2 percent year-on-year. Imports fell 13.2 percent.
As a result, the U.S. is no longer the bloc’s top commercial partner and has been replaced by China. EU exports to China in 2020 amounted to €202.5 billion while imports reached €383.5 billion.
This new data come as Brussels is trying to intensify its economic ties with Beijing by concluding an EU-China investment pact, which has raised concerns among European lawmakers and civil society.
Eurostat estimates also show that EU trade started recovering during the second half of the year to the point that, in December 2020, exports of EU goods to the rest of the world as well as intra-EU trade were larger compared to the same month of the previous year.
During the global trade crisis, the bloc increased its trade surplus (€30.1 billion in 2020 compared with €22.1 billion).
This article is part of POLITICO’s premium policy service Pro Trade. From transatlantic trade wars to the UK’s future trading relationship with the EU and rest of the world, Pro Trade gives you the insight you need to plan your next move. Email [email protected] for a complimentary trial.
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