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Saturday, July 20, 2024

EU narrows trade deficit with China in 2023

In 2023, the European Union (EU) witnessed a significant reduction in its trade deficit with China, amounting to €291 billion (approximately $315.62 billion). This marked a substantial decrease of €106 billion (27%) compared to the previous year (2022). The EU cut down its trade deficit with China by €106 billion, reaching €291 billion in 2023.

China maintained its position as a dominant force in the EU’s trade landscape, constituting 20.5% of the total extra-EU imports, making it the largest import source for the EU.

Despite being the EU’s largest import source, China ranked third as a destination for EU exports of goods, accounting for 8.8% of total extra-EU exports in 2023.

This development came after a decade of fluctuating deficits, with a peak of €397 billion in 2022. The 2023 deficit reduction signified a notable shift in the EU-China trade dynamics compared to the previous years, indicating a step towards balancing trade relations between the two economic powerhouses.

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