China moved American manufacturers out of the European market and in 2020, for the first time in history, became the main trading partner of the European Union. It is reported by CNBC with reference to the European statistical office.

According to this statistics, exports from the EU to China increased by 2.2 percent last year, while imports of Chinese goods increased by 5.6 percent. During the same period, exports to the United States fell 8.2 percent, while imports of American goods to Europe fell 13.2 percent. “Fresh data released by Eurostat on Monday 15 February shows that China is playing a larger role in the European economy now [than the US],” the channel said.

As the economist of ING Group Carsten Brzeski explained to CNBC, the reason was that China and the Asian region are the only ones where the economic recovery after the pandemic follows a V-shaped scenario. As a result, China is showing results close to pre-pandemic levels. In 2021, China’s GDP is expected to grow by 8.1 percent. Higher growth is prodicted only in India, where it is expected to reach 11.5 percent, according to the data of IMF.