Global trade is roaring back, at least among the world’s largest exporters. China, the US and Germany—the largest exporters on earth, according to the WTO—are all seeing seeing signs of an export renaissance.
China just reported that August’s trade balance hit an all-time peak, as exports to the US surged and weak domestic demand dampened imports.
And Germany—the world’s third largest exporter—posted a record trade surplus with record exports in July, thanks in part to rising demand from countries outside the European Union, such as the US.
Meanwhile, in the US, auto exports juiced July exports, which hit a record high.
But unlike China and Germany, the US is still posting a solid trade deficit. That’s not a bad thing for the US or the global economy; American consumption seems to be the best growth driver the world economy has at the moment. Just ask Chinese and German exporters.