Connect with us

Hi, what are you looking for?

Latest News
• NA session will be held at 10am Friday • PM Imran Khan announces 70 thousand ‘Rehmatulil Aalameen Scholarships’ for all Pakistanis • Govt. to spend Rs5.5b on this scholarship annually, Rs28bn in five year • Covid-19 precautionary should be observed in court premises: PHC • KP Doctors threaten to go on strike for regularisation of service • IHC suspends cabinet’s decision to dismiss Drap CEO • CDA to ensure water supply during Ramadan • 135 law enforcement officials injured in the violent clash with TLP activists • LHC issues notices to British council, ministry over plea again physical attendance in O&A level exams • Punjab govt. to set up special courts for overseas Pakistanis • PM to announce package for Sindh: Haleem Adil Sheikh • Sindh’s share in national resource reduced due to ‘faulty’ census: CM Sindh • Centre tells SHC that agency is formed to deal with assault, kidnapping • Govt moving towards PSM revival: Soomro • PN ship returns after relief mission in Africa • SC summons Sindh chief secretary over water cess law • ECP allows perusal of PTI’s financial documents • Law will decide sugar barons’ fate: PM Khan • PM, Uzbek president agree to boost bilateral ties • Pakistan set to achieve fiscal sustainability: IMF • ECC exempts three Punjab power plants from LNG purchase • Afghan troops ‘fully capable’ of defending country: President Ashraf Ghani • Denmark cuts AstraZeneca vaccine altogether • Bangladesh imposes strict lockdown in Dhaka • Sputnik V vaccine does not cause blood clots: Russia • Jordan arrested senior suspect over contact with Saudi crown prince
News Alert
    • Covid Updates: 5,395 cases reported while 118 deaths recorded in last 24 hrs
    • Currently, 77,294 cases are active in the country
    • The death toll reaches 15,872 in Pakistan
    • 3,645 people recovered in last 24 hrs
    • The current positivity rate is 8.34% in the country 


China; EU’s largest trading partner, US lagging behind

China became European Union’s largest trading partner leaving the United States behind in 2020. The covid-19 pandemic has reduced trade between Europe’s key partners. However, China managed to avoid these negative impacts.

Last year, trade between China and the European Union was $709 billion, whereas the US made a trade of $671 billion in 2020.

Despite the drop in China’s economy in the first quarter due to the pandemic, demand for goods from the European Union increased at the end of the year after the economic situation improved.

China was the only country in the major global economies to see economic growth in the midst of pandemic which resulted in increased demand for European cars and luxury goods. Meanwhile, strong exports of medical and electronic devices also benefited China’s exports to Europe.

According to European Union’s statistics office, the Eurostat, China was a key EU partner in 2020 which was attributed to an additional 5.6 percent increase in imports and a further 2.2 percent increase in exports.

The EU figures are similar to the official figures released by China in January. According to China, trade with the European Union increased by 5.3% in 2020 at $696 billion. The European Union’s trade deficit with China has also increased from $199 billion to $219 billion.

Although the United States and the United Kingdom are still the EU’s largest export markets, the statistics show that there has been a sharp decline in trade between the two countries.

Eurostat says that trade with the United States has fallen sharply, to 13.2% in both imports and 8.2% in exports.

Trade between the two countries has been hampered by a series of disputes, which have led to the imposition of duties or taxes on American Harley-Davidson motorcycles in addition to steel and French Cognac.

In 2020, US trade with the European Union was $671 billion, which was $746 billion a year ago. It is unclear whether the new US president, Joe Biden, will reconsider his country’s stance on trade with Europe.

In the meantime, the EU and China are trying to strengthen their economic ties. To that end, the two sides are trying to reach an investment agreement that will make it easier for European companies to access the Chinese market.

Written By

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *




Setting another precedent of love, an American woman embraced Islam, travelled to Pakistan to marry a young TikToker from Rawalpindi. Daniel, 40, from Washington...

Latest Updates

Mian Muhammad Nawaz Sharif, former prime minister, has asked Opposition Leader in the Punjab Assembly Hamza Shahbaz to monitor the election campaign for the...

Latest Updates

Injured Shadab to go and Fakhar with 193 to stay On; Bad Weather to play a role too.

Latest Updates

ISLAMABAD: Cricketer Hasan Ali and his wife Samyah Khan are now proud parents of a baby girl. The bowler took to social media and...

Copyright © 2021 The Truth International