EU records increase in trade with China

Imports and Exports | | MIC Customs Solutions |

The value of trade in goods between the EU and China is continuing to rise, according to new data.


New figures show the European Union has recorded a significant increase in trade with China, despite the widespread disruption caused by the coronavirus pandemic over the past two years. 
The statistics were published by the European Commission to coincide with the EU-China Summit being held this month, and demonstrate a rapid recovery of both imports and exports since the early months of 2020. 
Indeed, imports from China to the EU had slipped to a low of €24.7 billion in March 2020, while exports fell to a minimum of €14.9 billion. By December 2021, they had recovered to €47.9 billion and €17.9 billion respectively. 
For 2021 as a whole, imports from China hit €472 billion. This was a marked difference from the lowest annual figure recorded in 2013 (€239 billion), and represented a six percent year-on-year growth rate since 2011. 
In terms of EU exports to China, the figures showed the value hit €223 billion last year. This was the highest recorded so far and showed an annual ten-year growth rate of seven percent. 
China is now the third-largest partner for EU goods exports, receiving mostly machinery, vehicles, other manufactured goods and chemicals from the bloc. Meanwhile, it has risen to become the largest partner for EU imports. 
Looking at the nations of the EU independently, the three largest importers of Chinese products in 2021 proved to be the Netherlands, Germany and France with €110 million, €98 million and €40 million respectively. Interestingly, these three countries also proved to be the largest exporters to China by value, demonstrating strong trade ties that have arisen over the past ten years. 
Between January 2020 and December 2021, EU imports from China rose by 55 per cent, which was significantly higher than the 18.6 per cent recorded from other non-EU countries. EU exports to China also went up by almost ten percent, while exports to other nations outside the bloc only rose by 4.4 percent. 
These figures will surely act as a reminder to Beijing of the importance of retaining trade ties with the EU during the war in Ukraine, despite its previous allegiance with Russia’s president Putin. Such a valuable source of both imports and exports cannot afford to be disrupted, let alone lost.