London (CNN Business) Europe is now trading more goods with China than the United States, a sign of how the pandemic is transforming the global economy. Meanwhile, there was a "significant drop" in trade with the United States, with imports plunging 13.2% and exports falling 8.2%. The overall value of EU-China goods trade last year was €586 billion ($706 billion), about €31 billion ($37 billion) more than between the European Union and the United States. He emphasized, however, that Europe's ties to the United States remain very strong. The data also doesn't take transatlantic trade in services into account, which is worth about €494 billion ($595 billion) a year.

Source: CNN February 17, 2021 17:26 UTC