China beats America as European Union’s Top Trading Partner

general

3 years ago

By SUSAN AMPERS

(General Dispatch) — As the ties between Brussels (capital of Belgium) and the communist dictatorship in Beijing (capital of China) continue to deepen, the Chinese exceeded the United States of America as the European Union’s top trading partner in 2020.
China has overtaken America as the EU’s chief trading partner with €586 billion exchanged in trade compared to €555 billion in trade with the United States.
Imports from China to the European Union grew by 5.6 percent, and exports of EU goods to China increased by 2.2 percent while the world is on coronavirus pandemic.
Conversely, EU exports to the U.S. dropped by 8.2 percent and imports from the U.S. shrank by 13.2 percent as Eurostat revealed.
ING Germany economist Carsten Brzeski said: “The reason behind it is clearly the fact that China/Asia is the only region going through a nice V-shaped recovery.”
In addition, the EU attained an investment agreement in December that made it easier for European companies to operate in China.
European trade chief Valdis Dombrovskis articulated at the time of the deal’s announcement: “By pulling together we can recover more quickly economically, and make progress on areas of mutual interest such as trade and investment relations.”
The deal, however, has not been officially approved by European lawmakers.
Meanwhile, the increasingly close relationship between Brussels and Beijing has begun to draw huge criticism.

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