China pushed US out of European market

China ousted American manufacturers from the European market and in 2020, for the first time in history, became the EU’s main trading partner. It is reported by CNBC with reference to the European statistical office.

According to her, last year, exports from the EU to China increased by 2.2 percent, while imports of Chinese goods increased by 5.6 percent. During the same period, exports to the United States fell 8.2 percent, while imports of American goods to Europe fell 13.2 percent. “The latest data released by Eurostat on Monday 15 February suggests that China is now playing a bigger role in the European economy [than the US],” the channel said.

As explained to CNBC, ING Group economist Carsten Brzeski (Carsten Brzeski), the reason was that China and the Asian region are the only ones where the economic recovery after the pandemic follows a V-shaped scenario. As a result, China is showing results close to pre-pandemic levels. In 2021, China’s GDP is expected to grow by 8.1 percent. Higher growth rates are projected only in India, where they are expected to reach 11.5 percent, according to data from the International Monetary Fund (IMF).

In the future, Europe will strengthen its Chinese ties, Brzeski believes. This is supported by the fact that in December 2020, Brussels and Beijing signed a new investment agreement that should facilitate trade between the EU and China for European companies.

/Media reports.