China becomes EU’s top trading partner in first 7 months
In the first seven months of 2020, China became the top trading partner of the European Union (EU), a position previously held by the United States, said Eurostat on Wednesday.
EU’s imports from China increased by 4.9 percent in the January-July period, compared to the same period last year, whereas its imports from the U.S. dropped by 11.7 percent.
The bloc’s exports to China recorded a slight drop of 1.8 percent, while those to the U.S. fell by 9.9 percent, according to the EU’s statistical office.
China and U.S. were followed by the United Kingdom, Switzerland, and Russia on EU’s main trading partner list in the first seven months.
In accordance with the world’s changing epidemiological situation during the first seven months, the EU’s international trade started to fall in January, and regained momentum after May, when confinement measures were gradually eased.
In July, EU exports out of the bloc stood at 168.5 billion euros, down by 11.3 percent compared to July 2019, and its imports from the rest of the world reached 142.6 billion euros, down by 16 percent year-on-year, according to Eurostat estimates.
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Source: Xinhua
This article sounds good, but the EU may find that it is not a real “trade” in the long run. The US (politically) made the Judas trade agreements with China decades ago. In a generation or so, the EU may be as sick of products labeled “Made in China” as US citizens are. Their products are cheap to buy and even cheaper in quality. I would be happy to see and buy products labeled “made” in the US, UK, Hungary”, Poland, Austria, etc. The US sold its manufacturing and jobs to China to make a buck for “world leaders”. America’s politicians (Congress, Senate) have stuffed their pockets full with their nasty trade deals with China.