German exports slide as trade war hits demand – business live
All the day’s economic and financial news, as Germany suffers a worrying drop in exports
German factory chiefs will be hoping for a breakthrough in the US-China trade dispute soon, before the slump in exports deepens.
And overnight, a top Chinese diplomat has suggest that presidents Trump and Xi could make progress at the G20 world leaders’ meeting in Argentina in three weeks time.
“China is committed to working with the U.S. to achieve a no-confrontational, conflictless, mutually respectful co-operation in which both sides win.
“Both sides should seek an appropriate solution through equal and mutually beneficial negotiations.”
Carsten Brzeski of ING agrees that Germany exporters are suffering from slowing world trade.
He also blames new car emissions tests; production has suffered as automakers scramble to meet these tough new rules.
Today’s trade data ends a disappointing week for German industry. Available monthly data suggests that the economy had its worst quarterly performance in 3Q since the beginning of 2015.
The first GDP estimate will be released next week on Wednesday.
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Author: Graeme Wearden