Figures Show That China Will Become The Largest Trade Partner Of EU In 2020

China will overtake the United States as the EU's largest trading partner for the first time in 2020, according to trade data released by Eurostat on the 15th.

According to the figures, in 2020, the import and export trade between the EU and China will achieve double growth, of which 383.5 billion euro will be imported from China, with a year-on-year growth of 5.6%; and the export of goods to China will reach 20.5 billion euro, with a year-on-year growth of 2.2%. Previously, the United States was the EU's largest trading partner. In 2020, EU imports and exports to the United States will both decline. Among them, EU imports of goods from the United States amounted to EUR 20.2 billion, a year-on-year decrease of 13.2%; and exports to the United States amounted to EUR 353 billion, a decrease of 8.2%.

Among the top ten EU trade partners in goods, China is the only one to achieve two-way trade growth.

Despite the impact of the epidemic, trade between China and the EU will continue to grow against the trend in 2020. The number of China Europe trains reached a record high, with 12406 trains operating throughout the year, up 50% year-on-year, breaking through the "10000 trains" barrier for the first time. China and the EU have officially signed the China EU agreement on geographical indications, and completed the negotiations on the China EU investment agreement on schedule, continuously injecting new impetus into China EU trade and investment.

Zhang Ming, head of the Chinese delegation to the European Union, said that China's rise to the largest trade partner of the EU fully reflects the strong resilience of China EU economic and trade cooperation. 2021 is the first year for China's "14th five year plan" and for the EU to implement a large-scale recovery plan. China EU relations are facing important opportunities.

European media believe that China has taken the lead in controlling the epidemic situation and economic and social development, taking the lead in controlling the epidemic and achieving economic recovery, promoting strong growth of import and export, and boosting the growth of trade between Europe and China against the trend. AFP commented that after the first quarter of last year, China's rapid return to work and production, and the recovery of domestic consumption have provided valuable opportunities for European goods, especially in automobile and other industries. China has become the most important overseas market of the EU. Strong demand for anti epidemic materials and electronic products in EU countries has also stimulated China's exports of related commodities to Europe. According to Agence France Presse analysis, the completion of EU China investment agreement negotiations will also provide more opportunities for European enterprises to enter the Chinese market.

Alicia Garcia erero, a senior researcher at the Bruegel Institute, an EU think tank, believes that the adverse growth of EU China trade in 2020 reflects the importance of EU China relations and the strong resilience of China's global supply chain.