In the year 2020, China was the main trading partner for the EU. This result was due to an increase of imports (+5.6%) and exports (+2.2%) between 2019 and 2020. United States’ trade relations with EU recorded a significant drop in both imports (-13.2%) and exports (-8.2%) during the same time frame.
Despite the outbreak of Covid-19, China made a massive recovery supported consumption growth. This helped drive sales of European products, particularly in the automobile and luxury goods sectors, while China’s exports to Europe benefited from strong demand for medical equipment and electronics. As a result United States got replaced by China as the leading trade partner of EU.
The mutual interest of European Union and China to enter into a long-negotiated investment deal would increase the accessibility of the European companies to Chinese market. has replaced United States as the leading trade partner of the former.
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