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EU trade with China significantly up

The value of European Union (EU) trade with China has significantly increased over the last decade, Eurostat, the statistical office of the EU, reported on Friday.

Figures released by Eurostat showed that the value of EU imports of goods from China reached a record of 302.5 billion euros (US$338.8 billion) in 2014, a significant increase from 129.2 billion euros in 2004.
EU exports to China more than tripled in 10 years to hit 164.7 billion euros last year, the figures showed.

Eurostat said China was the second largest EU trading partner behind the United States, accounting for 14 percent of the total extra-EU trade in goods in 2014 compared with 9 percent in 2004.
Over this 10-year period, the share of China in extra-EU imports increased from 12.6 percent in 2004 to 18 percent in 2014, and its share in exports almost doubled, the agency said.

EU trade in goods with China was dominated by manufactured goods, with Germany and Finland the only EU member states recording a surplus in goods with China, according to the EU statistical office.
However, the surplus in EU trade in services with China grew by 4.0 billion euros over the last three years, from 5.1 billion euros in 2012 to 9.2 billion euros in 2014, Eurostat said. This surplus was mainly due to surpluses in travel services, charges for the use of intellectual property, as well as telecommunications, computer and information services. The most significant deficit was registered for transportation services.

China accounted in 2014 for around four percent of total extra- EU trade in services, representing the third most important EU partner behind the United States and Switzerland.

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