China overtakes the US to become EU’s biggest trade partner  

China has overtaken the U.S. to become the EU’s biggest trade partner while the rest of the world slides into the red due to the Covid-19 pandemic.  

The country pushed past the United States in the third quarter to become the European Union’s top trade partner, as the pandemic disrupted the US while Chinese activity rebounded.

Over the first nine months of 2020, trade between the EU and China totalled 425.5 billion euros ($514 billion), while trade between the EU and the United States came in at 412.5 billion euros, according to Eurostat data.

China has overtaken the U.S. to become the EU’s biggest trade partner while the rest of the world slides into the red due to the Covid-19 pandemic. Above, a worker in a motorcycle parts factory in Huaibei, in China’s eastern Anhui Province

These figures show the year-on-year change in GDP for some of the world’s richest countries, with China’s economy larger than it was a year ago while others have seen massive decline 

For the same period in 2019, the EU’s trade with China came in at 413.4 billion euros and 461 billion euros with the US.

Eurostat said the result was due to a 4.5 percent increase in imports from China while exports remained unchanged.

‘At the same time trade with the United States recorded a significant drop in both imports (-11.4 percent) and exports (-10.0 percent),’ Eurostat said.

The EU has been China’s top trade partner since 2004 when it overtook Japan, but this is the first time the inverse has been true, France’s Insee statistics agency said Wednesday.

After a Covid-19-related shock in the first quarter the Chinese economy has rebounded, with the economy growing year-on-year in the third quarter.

Insee said Chinese imports from Europe picked up in the third quarter, while purchases of personal protective equipment had boosted Chinese exports.

China’s economy has grown 4.9 percent in the last quarter from last year proving the country is back to its pre-pandemic trajectory with consumer spending and industrial production going back to normal levels. Employees work in a production line at a wigs factory in Hezhang County, Guizhou Province of China on October 16

China’s economy has grown 4.9 percent in the last quarter from last year proving the country is back to its pre-pandemic trajectory with consumer…

Read the full article at www.dailymail.co.uk

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.