Fact of the day
The EU is the main exporter in the world and the second biggest importer. The United States is the EU’s most important trading partner, followed by China. In 2005, the EU accounted for 18.1% of world exports and 18.9% of global imports.
The European Union is also an important trading partner for less developed countries, most of whose exports enter the EU duty-free or at reduced rates of duty. This preferential access to the EU market is aimed at boosting the economic growth of poorer countries around the world.