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The world’s largest export engines are running hot

Container trucks drive past the container area at the Yangshan Deep Water Port, part of the newly announced Shanghai Free Trade Zone, south of Shanghai September 26, 2013. China has formally announced detailed plans for a new free-trade zone (FTZ) in Shanghai, touted as the country's biggest potential economic reform since Deng Xiaoping used a similar zone in Shenzhen to pry open a closed economy to trade in 1978. In an announcement on Friday from the State Council, or cabinet, China said it will open up its largely sheltered services sector to foreign competition in the zone and use it as a testbed for bold financial reforms, including a convertible yuan and liberalized interest rates. Economists consider both areas key levers for restructuring the world's second-largest economy and putting it on a more sustainable growth path. Picture taken on September 26, 2013. REUTERS/Carlos Barria (CHINA - Tags: POLITICS BUSINESS INDUSTRIAL TPX IMAGES OF THE DAY)
Reuters/Carlos Barria
Busy, busy, busy Shanghai.
Published This article is more than 2 years old.

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.

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