Worthy Christian News > World News > China dethroned the US as Europe’s top trade partner in 2020

China dethroned the US as Europe’s top trade partner in 2020

Tuesday, February 16, 2021 | Tag Cloud Tags: China, EU, Euro, Europe, European Union, News, Trade, Worthy News | Learn about our FREE SYNDICATION Service | Start your day with the Worthy Brief! | Printer Friendly

(Worthy News) – According to new economic data, China dethroned the US as Europe’s top trade partner in 2020, likely buoyed by strong demand in China for European goods, and Chinese medical products in Europe.

The European Union’s statistics office, Eurostat, said trade between the 27-country bloc and the rest of the world was down across the board in the first quarter of last year because of the pandemic. Between Jan. and Dec. 2020, euro area goods exports fell 9.2% year-on-year, while imports fell 10.8% compared with the same period in 2019.

European trade appears to be slowly recovering: In Dec. 2020, euro area goods exports saw their first year-on-year increase since February, but imports are still below their pre-pandemic levels. [ Source: MSN News (Read More…) ]

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