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European debt crisis hurts China-EU trade

(People's Daily Online)

16:12, August 25, 2012

European debt crisis hurts China-EU trade (Source: chinanews.com)

Since the beginning of 2012, China's exports to the European Union (E.U.) have shown a significant downward trend. Experts said both E.U. and China are responsible for the downward trend, but the former has much influence than the latter. The "spillover effect" of the debt crisis in Europe is increasingly apparent.

The European debt crisis is the major factor for the significant decline in China's exports to the E.U.

According to the customs statistics of China, the total imports and exports of China to the E.U. reached about 48 billion U.S. dollars in July 2012, a down of 8.9 percent year-on-year. Among them, China's exports to the E.U. were about 29 billion U.S. dollars, a down of 17 percent year-on-year. China's total exports increased by 7.8 percent from January to July but its exports to the E.U. fell by 3.6 percent.

According to the Eurostat, the total import and export volume between the E.U. and China reached nearly 139 billion euro from January to April, an increase of 2.5 percent compared with the same period of last year. Among them, the E.U.'s export to China was 47 billion euro, an increase of 10 percent, and the E.U.'s import from China was 92 billion euro, a down of 1 percent. The accumulated trade deficit of the E.U. against China reached about 45 billion euro, a down of 11 percent.

A common conclusion can be drawn from the above-mentioned data: China's exports to the E.U. showed a significant downward trend since 2012. What are the reasons?

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