China overtakes US

 

Beijing. 

The United States and China, which have been embroiled in a long-running trade war, have yet to establish good relations. Meanwhile, the fact that China has overtaken the United States in trade has come to light. In 2020, China will overtake the United States as the European Union's largest trading partner.

The Corona epidemic has reduced trade between Europe's main partners, but China has managed to stem the tide. Last year, trade between China and the European Union stood at 709 billion. Trade between the United States and the European Union stood at 671 billion.The Corona epidemic has reduced trade between Europe's main partners, but China has managed to stem the tide. Last year, trade between China and the European Union stood at 709 billion. Trade between the United States and the European Union stood at 671 billion.

China's economy suffered in the first quarter of last year due to the Corona disaster. But by the end of the year, China's economic situation had improved significantly and demand for EU goods had risen. In 2020, China was the only major global economy to see economic growth. That is why the demand for European cars and luxury goods in China had increased.

Meanwhile, exports of Chinese goods to European markets increased due to strong demand for medical equipment and electronics. According to Eurostat, China was a major partner of the European Union in 2020. This was due to a 5.6 percent increase in imports and a 2.2 percent increase in exports.

The EU figures are in line with official figures released by China in January. According to China, EU trade grew by 5.3 percent in 2020. The European Union's trade deficit with China also rose to 219 billion from 199 billion, according to figures released by Eurostat on Monday.

But the United States and the United Kingdom are also major export markets in the European Union. But according to the latest figures, EU trade with both countries has fallen sharply. The trade deficit between the European Union and the United States has widened in a series of retaliatory actions. According to Eurostat, imports from the European Union to the United States fell by 13.2 percent and exports by 8.2 percent.

It is unclear whether new US President Joe Biden will reconsider US policy on trade with Europe. But the European Union and China are working to deepen economic ties. Both sides are trying to reach an investment agreement that will facilitate European companies' access to the Chinese market. Experts say that despite the poor economic conditions in 2020, this year will be a good year for international trade.