EU-China trade up by 23 percent

European Union and China bilateral trade in goods in 2022 increased by 23 percent year-on-year to the record level of 857 billion euro (USD 907 billion). EU exports to China grew by 3.1 percent to 230 billion euro (USD 243 billion), while EU imports from China were up 32 percent to 626 billion euro (USD 662 billion). As a result, the EU bilateral deficit also reached a record high of 396 billion (USD 419 billion), a 58 percent increase from 2021, according to a statement released by the European Commission following the 10th EU-China High-level Economic and Trade Dialogue held in Beijing on Monday. In 2022, China was the EU's second-largest trading partner for goods, after the US. It was the EU's third-largest export destination after the US and the UK, representing nine percent of total EU exports. With 21 percent of total imports, China was the EU's largest source of imports, exceeding the combined share of the second-largest (the US, 12 percent) and the UK (seven percent). The two sides agreed to se t up a new EU-China Working Group on Financial Regulation to work on key areas including mutually opening up investment opportunities in financial markets for financial institution, said the statement. The parties also discussed cooperation on common global challenges. Russia's war against Ukraine has had a severe impact on the global economy, triggering a humanitarian crisis and aggravating food and energy security challenges. European Commission Executive Vice-President, Valdis Dombrovskis, and Vice Premier of the State Council, He Lifeng, co-chaired the Trade Dialogue (HED) which is the main platform for the EU and China to discuss economic and financial matters, as well as trade and investment cooperation. Dombrovskis called on China to play a constructive role in ensuring lasting peace and mitigating the economic consequences of the war in Ukraine. He thanked China for its work on nuclear non-proliferation, said the statement. Source: Kuwait News Agency