Strong German exports to the United States helped Europe's largest economy ...
BERLIN - Strong German exports to the United States helped Europe’s largest economy to avoid a recession in the third quarter, data showed on Thursday, as companies benefited from a weaker euro and trade diversion linked to the U.S.-China tariff dispute.
Germany’s export-reliant economy avoided slipping into recession in the third quarter as consumers, state spending and construction drove a 0.1% quarterly expansion. Exports also fared better than in the previous three months. “Europe is benefiting from still being the uninvolved third party in the American-Chinese trade conflict. This leads to trade diversion and helps European exporters,” Jens Suedekum from the Heinrich-Heine-University in Duesseldorf told Reuters.
“The strong dollar is one of the macroeconomic side effects of Trump’s trade policy towards China. It leads to trade diversion,” Felbermayr told Reuters. That means the U.S. is increasingly buying goods from the European Union and Germany as tariffs make competing imports from China more expensive. “The relocation of jobs is already taking place but is not yet visible in the export figures,” he said.
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