Exports, which did not decline in 2009, have more than tripled over the period 2004-2014 to hit EUR 164.7 bln. last year. The EU trade deficit with China, continuous during the whole period, decreased between 2010 and 2013, before growing again in 2014 to -EUR 137.7 bln., reports Eurostat, the statistical office of the European Union.
China is the second most important EU trading partner behind the United States, accounting for 14 % of total extra-EU trade in goods in 2014 (compared with 9 % in 2004). Over this 10-year time period, the share of China in extra-EU imports increased from 12.6 % in 2004 to 18.0 % in 2014, and its share in exports almost doubled (5.1 % in 2004 vs. 9.7 % in 2014).
EU trade in goods with China is clearly dominated by manufactured goods, which accounted in 2014 for 97 % of total EU imports from China and 86 % of EU exports to China. The EUR 152.0 bln. deficit recorded by the EU for its trade in manufactured goods with China is only partially offset by a small EU surplus in primary goods (+EUR 9.5 bln.), in particular for raw materials (+EUR 6.3 bln.).
Lithuania's exports of goods to China stood at EUR 102 million in 2014 (EUR 88 mln. in 2013). Lithuania's imports of goods from China stood at EUR 666 million in 2014 (EUR 565 mln. in 2013). As a result, the balance of trade resulted in a deficit of -EUR 564 million in 2014 (-EUR 477 mln. in 2013).
Among the EU Member States, Germany (EUR 75.0 bln. or 46 % of EU exports of goods to China) was by far the largest exporter to China in 2014, followed at a distance by the United Kingdom (EUR 19.6 bln. or 12 pct), France (EUR 16.2 bln. or 10 pct) and Italy (EUR 10.5 bln. or 6 pct). Compared with 2013, exports to China increased in each of these four largest partners. At EU level, exports of goods to China grew by 11 % in 2014.
Germany (EUR 60.9 bln. or 20 pct of EU imports of goods from China) was also the largest importer from China in 2014, ahead of the Netherlands (EUR 57.3 bln. or 19 pct), the United Kingdom (EUR 45.8 bln. or 15 pct), France (EUR 25.4 bln. or 8 pct) and Italy (EUR 25.1 bln. or 8 pct). Among these top EU importers from China, imports increased in all in 2014. EU imports of goods from China rose by 8 % in 2014.
Every EU Member State recorded a deficit in trade in goods with China in 2014, except Germany (+EUR 14.1 bln. EUR ) and Finland (+EUR 0.7 bln.). The largest deficits were observed in the Netherlands (-EUR 48.8 bln.), the United Kingdom (-EUR 26.2 bln.), Italy (-EUR 14.6 bln.), Spain (-EUR 12.4 bln.), France (-EUR 9.2 bln.) and Poland (-EUR 8.9 bln.).
EU exports of services to China jumped by 27 % between 2012 and 2014, from EUR 25.1 bln. to EUR 31.7 bln., while imports increased more moderately, from EUR 20.0 bln. in 2012 to EUR 22.6 bln. in 2014. As a result, the EU surplus in trade in services with China grew by EUR 4.0 bln. over the last three years, from EUR 5.1 bln. in 2012 to EUR 9.2 bln. in 2014. This surplus was mainly due to surpluses in travel services (+EUR 3.3 bln.), charges for the use of intellectual property (+EUR 3.1 bln.) and as well as telecommunications, computer and information services (+EUR 2.5 bln.). The most significant deficit was registered for transport services (-EUR 1.7 bln.). China accounted in 2014 for around 4 % of total extra-EU trade in services, representing the third most important EU partner behind the United States and Switzerland.
Although fluctuating from one year to the next, Foreign Direct Investment (FDI) flows between the EU and China have continuously been positive over the last four years. In 2014, EU investment in China however decreased to EUR 9.1 bln., while Chinese investment flows into the EU rose to reach EUR 12.1 bln., meaning that China was a net investor in the EU last year.
