Reportedly, China has been able to beat the United States in another very important race. By the end of 2020, China overtook the United States as the EU's biggest trading partner. Interestingly, the United States had firmly held the leading position for many years.
According to Eurostat, last year, the total volume of trade between China and the EU amounted to €586 billion, while the trade turnover of the US and the EU was just €555 billion. The difference is certainly not very big but the fact remains that the US is lagging behind. In 2020, China's imports to Europe increased by 5.6% and European exports grew by 2.2%. On the contrary, EU-US trade experienced a strong decline, with imports falling by 13.2% and exports by 8.2%.
The supremacy of China came after it suffered from the coronavirus pandemic during the first quarter but managed to recover rather quickly. So, unlike the US, the Chinese economy got back on track faster, taking advantage of the situation. As a result, Beijing was able to significantly improve its trade performance with the eurozone.
