According to the research data analyzed and published by Comprar Acciones, Chinese imports from the EA rose by 5.6% and exports increased by 2.2% in 2020.
US imports, on the other hand, plummeted 13.2% as exports fell by 8.2%.
Based on IMF projections, China’s GDP is set to grow by 8.1% in 2021 following its 2.3% growth in 2020. By 2022, the rate will slow down to 5.6%.
In 2020, Euro Area exported goods were worth €2.13 trillion to the rest of the world, a 9.2% decline from 2019.
Euro Zone imports fell by 10.8% to €1.89 trillion during the period, while Intra-Euro area trade fell by 8.9%.
However, there was a slight recovery in December 2020, with exports up by 2.3%, imports down by 1.3% and Intra-Euro trade up by 0.9%.
India is expected to have the highest GDP growth in 2021 at 11.5%, following an 8% decline in 2020. In the Euro area, Spain is expected to have the highest growth in 2021 at 5.9%.
The UK is expected to grow by 4.5% after its massive 10% decline in 2020. Its 2020 GDP contraction was twice the 2009 fall and worse than the 1921 drop of 9.7%.
According to the US government’s preliminary reports, its GDP fell by 2.3% in 2020 to $20.93 trillion. Meanwhile, China grew its GDP to $14.7 trillion (101.6 trillion yuan).
That narrowed the gap between the two powerful countries to $6.2 trillion, compared to $7.1 trillion in 2019.
However, China’s per capita GDP was $11,000 in 2020. Comparatively, the US had more than five times that total, at $63,200.