International trade activity in the EU took a step down in April with intra-EU trade falling by 43.6% year over year while trade with the rest of the world dropped by 25.6%. The rest-of-world figure was dragged down by exports to the U.K. which declined by 36.0%. It’s worth noting that the U.K. only represents 12.2% of external EU trade versus 15.5% for the U.S. and 14.0% for China, limiting the leverage the British government may have in ongoing trade talks. From a global perspective, EU external exports fell by 30.6% in dollar terms, lagging the global average of a 20.8% year ...