China becomes Europe's biggest trading partner
China has overtaken the US as Europe's best trading nation for the year. This is good news to China who has bounced back quickly from the COVID-19 pandemic.
China overtakes America as Europe top trading country
The European Union is now trading more with the Chinese than the United States. This shows how the COVID-19 pandemic has transformed the economy of the world. According to figures shown this week by the EU statistics service, it attributes this diversion to a 5.5 increase in imports from the Chinese nation in 2020 and a 2.1% increase in the number of exports.
There has been a decline in trading with the US, with imports slumping to 12.9% and the exports decline to 7.8%. The aggregate of EU-China's business in 2020 was €590 billion, which was about €30 billion more than the trade between the US and Europe. China has witnessed progress to the tune of 2.4% in 2020 as it tries to recover from the coronavirus pandemic, while the United States saw a decline of 3.4%.
China's ability to cope quickly with pandemic a huge factor - Financial expert
This shortage allows China, which is the world's biggest economy, to flex its economic prowess. Daniel Gros is a Financial analyst. The Centre of European studies opined that this move is not surprising as China has gradually been able to cope with the pandemic, unlike other nations.
Although he insisted that trade relations between Europe and the US remain close, European countries are battling for economic survival, hence the business with China. Although the overall business may favor China, the EU has continued to export more products to America which has given more employment to its citizens.
He also said this data didn't consider a transatlantic business worth about €499 annually. Though the European Union is worried about the complicated technology practices of China, it has continued to do business with China to boost its investment.