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China becomes the European Union's largest trading partner

Updated: Mar 16, 2023



According to Eurostat, trade between the U.S. and the EU reached only €555 billion, compared to €586 billion of trade between the EU and China.


European Union (EU) imports and exports to and from China increased last year compared to the previous year.


Chinese exports benefited from strong demand for medical products - masks, for example - and strong demand for electronic products as well, due to telecommuting and social distancing.


At the same time, China's faster rebound has helped its imports. At the end of the year, the Chinese even consumed more than at the end of 2019. This has pulled European sales up in the automotive and luxury goods in particular.


But these Chinese imports have grown less than exports. As a result, the EU's trade deficit with China has worsened further, reaching some 180 billion euros.


On the other hand, Europe and the United States were further mired in the economic crisis. European imports have plummeted by 13% while its exports have fallen by 8%.


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