EU-China trade exchanges valued at $1.95bln daily

Photo: European Commission
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European Union imports from China were 363 billion euro (USD 371 billion) in 2019 and 472 billion euro (USD 483 billion) in 2021. EU exports to China were 198 billion euro (USD 202 billion) in 2019 and 223 billion euro (USD 228 billion) in 2021.

This is approximately 1.3 billion euro (USD 1.33 billion) per day of imports and 600 million euro (USD 614 billion) per day of exports, which is 1.9 billion euro (USD 1.95 billion) of trade between the EU and China every day, according to a statement released by the European Commission Tuesday.

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The EU and China are major trading partners: in 2021, China was the third largest partner for EU exports of goods (10.2 percent) and the largest partner for EU imports of goods (22.4 pct), it noted.

The statement followed the ninth EU-China High-Level Economic and Trade Dialogue (HED) in Brussels today, which focused on global economic challenges, disruptions of supply chains caused by COVID-19 and the impact of Russia’s invasion of Ukraine, including on food, energy and financial markets.

The two side also discussed bilateral trade and investment concerns and stepping up cooperation in financial services. The EU and China agreed to hold the next HED in 2023.
EU Commission Executive Vice-President Valdis Dombrovskis and Chines Vice-Premier Liu He chaired today the ninth HED. EU Commissioner for financial service Mairead McGuinness also participated in the exchanges.

Dombrovskis said, “The EU and China are key trading partners. The importance of our economies comes with a responsibility to shape joint responses to global economic and trade challenges, such as disruptions in supply chains, global food insecurity, debt relief for the most vulnerable countries and reform of the World Trade Organization.” On her part, McGuinness said, “I am pleased that we were able to discuss today concrete solutions to facilitate the operations of European financial institutions in China.”