EU imports from US declined by 13% in 2020 against 5.6% increase from China
01-03-2021 22:05:00 | by: Bob Koigi | hits: 1755 | Tags:

For the first time in history, China overtook the US in 2020 as the Euro Area's (EA) top trading partner.

According to the research data analyzed and published by Comprar Acciones, Chinese imports from the EA rose by 5.6% and exports increased by 2.2% in 2020. US imports, on the other hand, plummeted 13.2% as exports fell by 8.2%.

Based on IMF projections, China's GDP is set to grow by 8.1% in 2021 following its 2.3% growth in 2020. By 2022, the rate will slow down to 5.6%.

China-US GDP Gap Narrowed to $6.2 Trillion in 2020 from $7.1 Trillion in 2019

In 2020, EA exported goods were worth €2.13 trillion to the rest of the world, a 9.2% decline from 2019. EA imports fell by 10.8% to €1.89 trillion during the period, while Intra-Euro area trade fell by 8.9%. However, there was a slight recovery in December 2020, with exports up by 2.3%, imports down by 1.3% and Intra-Euro trade up by 0.9%.

India is expected to have the highest GDP growth in 2021 at 11.5%, following an 8% decline in 2020. In the Euro area, Spain is expected to have the highest growth in 2021 at 5.9%.

The UK is expected to grow by 4.5% after its massive 10% decline in 2020. Its 2020 GDP contraction was twice the 2009 fall and worse than the 1921 drop of 9.7%.

According to the US government's preliminary reports, its GDP fell by 2.3% in 2020 to $20.93 trillion. Meanwhile, China grew its GDP to $14.7 trillion (101.6 trillion yuan). That narrowed the gap between the two powerful countries to $6.2 trillion, compared to $7.1 trillion in 2019.

However, China's per capita GDP was $11,000 in 2020. Comparatively, the US had more than five times that total, at $63,200.