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EU imports 5.6pc and exports 2.2pc more to/from China than US
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Posttime:2021-02-26
EUROPEAN trade more goods with China than with the US, according to European Union statistics that noted a 5.6 per cent increase in imports and a 2.2 per cent increase in exports from China in 2020, reports CNN Business.
Meanwhile, there was 13.2 per cent drop in imports and an 8.2 per cent in exports with overall value of EU-China goods trade falling to US$37 billion from $706 billion from one year to the next.
China's economy expanded 2.3 per cent last year as it raced to recover from Covid, while the United States saw output shrink 3.5 per cent. That allowed China, the world's second largest economy, to increase its clout, said CNN.
Daniel Gros, a fellow at the Centre for European Policy Studies, said the switch shouldn't come as a surprise given China's command of global industry.
While headline changes look at total trade in goods, the European Union continues to export much more to the United States that it does to China, generating a significant number of jobs, he noted.
source:Schednet
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