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Brad Setser Profile picture
Brad Setser
@Brad_Setser
CFR senior fellow. Views are my own. Writes on sovereign debt, trade, fx reserves and capital flows.

Jun 26, 6 tweets

I gather that in the eyes of some of the leader writers at the Economist the collapse of German exports to China (down a pp of German GDP led by autos) doesn't have anything to do with today's announced layoffs at VW ...

1/

It is quite clear in the data that Europe's auto exports to China tanked over the course of 2024 and 2025, and imports from China soared in 25 ...

2/

and that, combined with competition with China in third party markets across a range of manufactured goods, is an important reason why euro area export growth has stalled

3/

Chinese global auto exports have soared in nominal terms

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and in real terms

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And autos are part of an enormous outperformance of Chinese exports relative to Chinese imports (in volume terms)

6/

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