Decline in EU-China Trade in 2024: Trends and Key Products
In 2024, the EU experienced a decline in trade with China, recording imports of €517.8 billion and exports of €213.3 billion. This resulted in a deficit of €304.5 billion, with imports down 0.5% and exports down 4.5% from 2023. The most significant imports included electrical machinery and telecommunications equipment, which comprised a substantial portion of total imports.
In 2024, the European Union recorded exports to China totaling €213.3 billion while imports reached €517.8 billion, resulting in a trade deficit of €304.5 billion. China remains the EU’s largest trading partner for imports, constituting 21.3% of all extra-EU imports, and ranks as the third-largest partner for exports at 8.3%. Both imports and exports from the EU to China saw slight declines compared to 2023, decreasing by 0.5% and 4.5%, respectively. Over the decade from 2014 to 2024, imports increased significantly by 101.9% while exports grew by 47.0%.
The primary categories of goods imported from China in 2024 included electrical machinery, appliances, and electrical parts, valued at €96.8 billion. Other significant categories were telecommunications and audio equipment, which amounted to €60.9 billion, and office machines and data-processing devices, totaling €45.9 billion. Collectively, these three classifications accounted for 39.3% of all imports from China, underscoring China’s pivotal role in the EU’s supply of technological goods.
In summary, the EU’s trade with China in 2024 reflects a slight decline in both imports and exports, contributing to a considerable trade deficit. Despite these recent decreases, long-term trends indicate robust growth in imports and exports from China. The primary imported items continue to be technology-related goods, which dominate the import statistics.
Original Source: ec.europa.eu
Post Comment