EU narrows trade deficit with China in 2023

China remained a dominant force in EU's trade landscape, accounting for 20.5 per cent of the total extra-EU imports, making it the largest source of imports for the EU. Conversely, China stood as the third-largest destination for EU's exports of goods, comprising 8.8 per cent of the EU's total extra-EU exports in 2023.

This development follows a decade of fluctuating deficits, reaching a peak of €397 billion (approximately $430.82 billion) in 2022, the highest in the period from 2013 to 2023. Throughout this time, the deficit ranged from as low as €104 billion (approximately $112.86 billion) in 2013.

ALCHEMPro News Desk (DP)