The United States were European Union’s top trading partner, yet China has taken over as the highest trading partner. This is the first run through the Celestial Kingdom has taken that position, which was previously held by the US.
As per the European Statistical Office, it was accomplished during the January-September period in 2020, when the estimation of the EU trades with China added up to generally $516.8 billion contrasted with $501 billion with the US.
As indicated by the European Statistical Office report, this outcome was due to an expansion of imports (+4.5%) while trades stayed unaltered. Simultaneously, trade with the US recorded a huge drop in the two imports (- 11.4%) and trades (- 10.0%).
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According to the report, resonations from the US-China trade battle, alongside exchange tensions between the US and Europe, might be a contributing variable.
China is also hoping to diminish its export reliance on the US by zeroing in additional on internal growth. Meanwhile, trade relations among China and the EU have flourished, and different arrangements and conversations to solidify these associations are now in the pipeline.
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