Categories: International

China Overtakes the US as Largest Trading Partner of European Union

The People’s Republic of China has overtaken the United States (US) as the biggest trading partner of the European Union (EU) in 2020, according to the data by the European Union statistics agency, Eurostat. Britain, which left the European Union in 2020, was the third-largest trading partner for the bloc, behind China and the United States.

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The trade volume of the EU with China reached 586 billion euros ($711 billion) in 2020, compared to 555 billion euros ($673 billion) for the US. Bilateral trade with the UK reached 444.7 billion euros.

The EU exports to China rose by 2.2 per cent to 202.5 billion euros while imports from China increased by 5.6 per cent to 383.5 billion euros.
Similarly, EU exports to the United States fell by 13.2 per cent in the same period and imports by 8.2 per cent.
Exports to the UK fell by 13.2 per cent, while imports dropped by 13.9 per cent.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.