Global trade: Resilient yet diverted

3 min
Ana Boata
Ana Boata Senior Economist for Europe
  • 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