China Becomes Biggest Trading Partner with Europe

According to the reports, Europe and China are on way better and profitable trading relations with each other than the United States of America. Europe is now reportedly doing more trades than it currently does with the United States.

With relations between Europe and China strengthening, it is now becoming obvious how things are changing. This goes onto show that the pandemic has caused major changes to the global economies and the relationships between countries from around the world.

There are many countries that have emerged as each other’s friends and not so much of friends during the pandemic. After the pandemic, things and relations have shifted drastically among other countries.

Just recently, the statistics around the trades and relations shared by the European Union is showing how much change has been observed between China and Europe.

According to the figures, the between Europe and China since the beginning of the year 2020 have increased by a decent figure. The stats show that for the year 2020, the European Union’s exports increased by 2.2 while on the other hand, the imports have increased by 5.6%.

However, the figures show that the trades between the European Union and the United States have experienced a significant drop. The statistics show that the exports to the United States have dropped by 8.2% while the imports from the United States have dropped by 13.2%.

The report shows that for the year, the total trade between China and Europe for the year 2020 was €586 billion. At the time of publishing, the figure translates to a total of $706 billion. On the other hand, the figures for the trade of goods between the United States and Europe sum up to be €555.

This is €31 billion more trade of goods between China and Europe than the United States of America and Europe.

Although China was the country that got hit by the pandemic the most as China was the country where it all started, yet the country managed to recover from it faster than any other country.

While the rest of the world was trying to recover from the pandemic and cover the losses, China even managed to do the unthinkable. In the year 2020, China not only managed to make a recovery but it also managed to expand its economy.

As per stats, China recovered from the pandemic and experienced a 2.3% increase with respect to its economy for the year 2020. On the other than, the United States of American experienced a downfall as the country experienced a drop by 3.5% in the economy.

This not only put the United States at a disadvantage but also provided China the opportunity to make its name in Europe. China started expanding its exports and also increased its imports and is now gradually gaining on its overall economy.

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