International trade in the EU is struggling to recover after COVID-19 industrial and commercial closures with total merchandise trade down by 4.6% year over year in August. Exports to outside the EU dropped by 14.8%, led by a slide in shipments to the U.K. and U.S. The latter may include a marked decline in airfreight given seaborne imports to the U.S. from the EU have been improving. In dollar terms the EU’s exports fell by 8.7% year over year in August, bringing the global total across 37 countries plus the EU to a 5.4% decline for the month. Early data for 15 countries that h...