The European Union has been hit hard by the slowdown in international trade, with the UK suffering the most. Global trade continued to slide in the third quarter, the OECD said, approaching two-year lows as the US-China trade war and Brexit uncertainty took a heavy toll.
Exports from the EU fell 1.8 per cent while imports dropped 0.4 per cent. In the UK, exports slumped 3.3 per cent and imports were 1.6 per cent lower. The US fared better, with exports falling just 0.2 per cent but imports 0.7 per cent lower. The raging tariff war between Washington and Beijing has been the biggest factor weighing on international trade in 2019.
Europe’s other largest economies felt the effect of the trade war in the third quarter, according to OECD. France suffered slightly more than the UK in the third quarter, with exports dropping 3.6 per cent and imports falling 1.7 per cent. In Europe’s biggest economy Germany, exports fell 0.4 per cent while imports dropped 1.8 per cent.