- Looking at the U.S., EU28 and China, goods’ export gains YTD reached EUR29bn in May 2019. This compares to EUR22bn in the same period of 2018.
- A trade diversion is at play and Europe benefits:
- Goods that have not been exported from the U.S. to China have been almost compensated by EU28 exports to China.
- Goods that have not been exported from China to the US have been almost compensated by EU28 exports to the U.S.
- The sectors that experienced the highest expansions are chemicals (incl. pharmaceuticals), machinery and transport equipment (incl. car and aircraft components) and agrifood.
Source: Eurostat, Allianz Resarch
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Global trade: resilient yet diverted
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