Jerusalem24 – A report released today, Monday, revealed that in 2020 China has become the first trading partner of the European Union for the first time, overtaking the United States.
According to the report numbers issued by the European Institute of Statistics (Eurostat), the volume of the European Union’s trade with China amounted to 586 billion dollars (total exports and imports), compared to 555 billion dollars with the United States, last year.
Eurostat explained that China has become, during the year 2020, the main trading partner of the European Union, according to “AFP.”
The institute attributed this result to an increase in European imports from China by 5.6% during 2020 compared to 2019, as well as an increase in European exports to China by 2.2%.
On the other hand, European trade with the United States recorded a significant decline, as imports decreased by 13.2% and exports by 8.2%.
After suffering due to the Corona epidemic during the first quarter of last year, the Chinese economy witnessed a large recovery and consumption at the end of the year exceeded its level a year ago, which led to an increase in European sales, especially cars and luxury goods.
It is noteworthy that the European Union is the first trading partner of China since 2004, but this is the first time that the opposite is true, which means that China is ahead of the United States in the volume of trade exchange with Europe.