Fri 01-04-2022 09:18 AM
BRUSSELS, 1st April, 2022 (WAM) — 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, according to figures released by Eurostat on the occasion of the EU-China Summit being held today, 1 April.
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%).