European Commission: Significant increase in EU imports from China

[beijingwalker]

European Commission: Significant increase in EU imports from China
01/04/2022

Trade with China, the EU’s third-largest export destination and the largest import partner, has increased significantly in 2021. The COVID-19 crisis caused both exports and imports between the EU and China to slow down in the first months of 2020, but both quickly recovered over the following months.

Between 2011 and 2021, both exports to and imports from China increased. In this period, EU exports to China were highest in 2021 (€223 billion) and lowest in 2011 (€127 billion), registering an average year on year growth rate of 7%. As for imports from China, they were highest in 2021 (€472 billion) and lowest in 2013 (€239 billion). The average year on year growth rate for imports was 6% in that period.

Between 2011 and 2021, the EU continuously recorded a trade deficit with China, increasing from €129 billion in 2011 to a peak value of €249 billion in 2021.

In 2021, China was the third-largest partner for EU exports of goods (10% of extra-EU exports), trading mainly machinery and vehicles (52% of exports to China), other manufactured goods (20%) and chemicals (15%).

In 2021, China was the largest partner for EU imports of goods (22% of extra-EU imports) in the same product groups: machinery and vehicles (56% of imports from China), other manufactured goods (35%) and chemicals (7%).

This article is published on the occasion of the EU-China Summit being held today, 1 April.

Significant increase in EU imports from China

Trade with China, the EU’s third-largest export destination and the largest import partner, has increased significantly in 2021. The COVID-19 crisis caused both exports and imports between the EU and China to slow down in the first months of 2020, but both quickly recovered over the following...

ec.europa.eu

 

[beijingwalker]

Soaring imports deepen EU's China trade deficit - Eurostat​

Reuters
April 1, 2022

Containers are seen at the Yangshan Deep-Water Port in Shanghai, China October 19, 2020. REUTERS/Aly Song//File Photo

April 1 (Reuters) - The European Union's trade deficit with China grew by over a third last year, the bloc's statistics office said on Friday, as it took in soaring imports from the Asian powerhouse.

Imports from China to the EU jumped by more than a fifth last year to 472 billion euros ($522 billion) compared to 2020, Eurostat data showed, widening the bloc's trade deficit with the country to 249 billion euros.

EU exports to China grew by a comparatively smaller 10%, a significantly faster rate than to other countries outside the bloc.


The report came as EU and Chinese leaders met for their first summit in two years, where Brussels pressed Beijing for assurances it would not supply Russia with arms nor help Moscow circumvent Western sanctions imposed over its invasion of Ukraine.

China was last year the EU's largest import partner and third-biggest export destination according to Eurostat, after the United States and Britain.


Telecoms equipment, data processors and electrical kit made up the bulk of EU imports from China, while it largely exported cars and car parts into the world's biggest automotive market.

Netherlands posted by far the largest deficit at nearly 95 billion euros, while Germany - China's top exporter and second-biggest importer within the bloc - recorded the largest surplus.

Eurostat said the onset of the coronavirus crisis had slowed EU-China trade in the first months of 2020, though these quickly recovered throughout the pandemic and hit peaks in 2021.

($1 = 0.9042 euros)

Soaring imports deepen EU's China trade deficit - Eurostat

The European Union's trade deficit with China grew by over a third last year, the bloc's statistics office said on Friday, as it took in soaring imports from the Asian powerhouse.

www.reuters.com

 

[Beast]

I am waiting for EU to sanction China or ban made in China. NATO (NO ACTION TALK ONLY )

 

[beijingwalker]

EU gas and oil crisis will strongly hinder it's manufacturing capabilities, EU will have to import more and more from China in the coming years.