The story of the Eurozone has become a familiar one as German strength massages an otherwise disastrous economic picture. Even with German growth included, the Eurozone area is in decline. Trade figures do the ideas of a Eurozone recovery no favours:
German decoupling from rest of Eurozone continues. In January, total exports up 3.1% YoY. Exports to Eurozone countries only up by 0.4% YoY.— Carsten Brzeski (@carstenbrzeski) March 11, 2013
We talked last week about the pattern of trade from the Eurozone, which now sees more of its exports sold to non-Eurozone nations than to members.