Article
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EU and China Trend in Trade in Challenging Times
Version 1
: Received: 23 December 2020 / Approved: 24 December 2020 / Online: 24 December 2020 (13:18:41 CET)
How to cite: Jindřichovská, I.; Uğurlu, E. EU and China Trend in Trade in Challenging Times. Preprints 2020, 2020120621. https://doi.org/10.20944/preprints202012.0621.v1 Jindřichovská, I.; Uğurlu, E. EU and China Trend in Trade in Challenging Times. Preprints 2020, 2020120621. https://doi.org/10.20944/preprints202012.0621.v1
Abstract
The sudden and abrupt rise of COVID-19 became a challenge for the world economy. In this paper, we investigate the changes of a trend of mutual trade between the EU-15 countries and China during the demanding times of the COVID-19 crisis. We use monthly data for Chinese export to the EU (2018:01 – 2020:05) and import from the EU (2018:01 – 2020:07) relying on the data from open source Trademap. We employ descriptive statistics to analyze the trade. Overall, there is the obvious decline of 13-32 per cent in worldwide trade as predicted by the WTO. This affected China as the main trading partner of electronic devices and medical supplies. The trade between the EU and China has decreased, but the major change in demand brought the alteration in commodities structure and re-orientation of Chinese export production. In the first five months of 2020, we have witnessed strong engagement of the Chinese economy in new highly demanded production - mainly to articles strongly linked with healthcare and medical equipment. Thus, we have observed that the Chinese were very flexible in changing the structure of export which was triggered by COVID-19 crisis. This flexibility is worth further exploration.
Keywords
Export; export; international trade; the flexibility of production; China; EU
Subject
Business, Economics and Management, Accounting and Taxation
Copyright: This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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