China now eurozone's biggest importer
20 December 2007
China has overtaken the UK as the largest source of imports to the eurozone, the Financial Times reported. Imports from China in the first three quarters of 2007 totaled US$178.3 billion - 20% higher than the corresponding period in 2006. Imports from the UK for the period fell by 2% to US$176 billion. Eurozone exports to China grew by 13% in the year's first three quarters compared to the same period last year. EU leaders visiting Beijing for high-level talks in November warned that trade barriers may be erected unless China allows the value of the yuan to rise in order to reduce European countries' trade deficit with China. The eurozone includes the 13 EU member states that use the euro as their currency.
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