China dethroned the U.S. last year to become Europe’s top trading partner for the first time, data from the European statistics office has shown.
European Union exports to China grew by 2.2% last year and imports rose by 5.6%. In comparison, exports to the U.S. dropped by 8.2% and imports fell by 13.2%. The latest figures, released Monday by Eurostat, showed that China now has an even bigger role in how European economies perform.
China, where the first Covid-19 cases were reported, has not gone through severe social restrictions for a second time as has been the case in many European nations.
As a result, the Chinese economy is performing slightly closer to pre-Covid levels in comparison with other parts of the world, where restrictions are still taking a toll on activity. China is expected to register the second-highest growth rate globally in 2021, according to forecasts from the International Monetary Fund.
