Monday, October 17, 2011

Another China Milestone: Beijing Surpasses Washington As Europe’s Top Trading Partner

China has just made it easier for Europe to end US hegemony.China sidelines the United States as Europe’s biggest trading partner. It is a very common belief that the Chinese economy is doomed to forever trail America. They are the nation that produces much of the junk we buy at places like Wal-Mart. If the U.S. should stumble, China would have no place to sell all its goods.This old economic formula is rapidly becoming outmoded. China 's trade with the rest of the world has exploded in the last few decades. Its largest trading partner is now the EU.This would help Europe ease      
its reliance on US in policy and strategic spheres. China has achieved another milestone when its trade with European Union (EU) totaled 35.6 billion Euros (49.4 billion U.S. dollars) in July, allowing China to overtake the United States as the EU’s largest trade partner, the Ministry of Commerce said, citing the latest statistics from Eurostat. The overall value of China-EU trade in July exceeded that of the EU and the United States by 800 million Euros, accounting for 13.4 percent of the region’s total imports and exports, according to data released by the EU’s statistics office.

Meanwhile, China remained the EU’s second largest export market. EU exports to China totaled 11.7 billion Euros in July, up 12.3 percent year-on-year, which is higher than EU’s total export growth rate of 4.1 percent.

The EU imported 23.9 billion Euros in Chinese goods, down 6.2 percent from the previous year. But China still held the top spot as the region’s import source, making up 17.4 percent of the EU’s total imports. The EU reported a 12.2-billion-euro trade deficit with China in July.


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