China-Europe trade shows resilience with strong performance in 2021

10 Feb '22

2 min read

Pic: Shutterstock

Europe-China trade saw robust growth last year, exhibiting vigour and resilience in their economic cooperation in spite of a weak global recovery due to the pandemic. Official data showed China's trade with the European Union (EU) in 2021 amounted to $828.1 billion, up by 27.5 per cent year on year (YoY). China remained the EU's largest trading partner, while the latter was the former’s second largest.

Juergen Friedrich, chairman and chief executive at Germany Trade & Invest, told a Chinese news agency that projections show the total trade volume between China and Germany is likely to reach a new record, thus making China Germany's largest trading partner for the sixth year in a row.

Noting that German companies import more goods from no other country than China, Friedrich added that German companies in China "continue to express investment intentions, including the localization of production and research and development" in China.

Supply bottlenecks and the Omicron variant wave have slowed down economic recovery, said a note published by the Liechtenstein-based VP Bank Group on its website in January.

Thomas Gitzel, chief economist at VP Bank, said that given the recovery of the supply chains and logistics between Germany and its major trading partners, especially China, he is optimistic about the growth prospect of the German foreign trade, the news agency reported.

According to data from China customs, Italy's trade with China grew by 34.1 per cent in 2021.

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