1/3
√ Our global trade index contracted further, the most since July 2009 (-11.2% y/y)
√ For the first time since June, this was reflected in the volume of world exports which slowed to 1.7% y/y
√ Our global trade index contracted further, the most since July 2009 (-11.2% y/y)
√ For the first time since June, this was reflected in the volume of world exports which slowed to 1.7% y/y
2/3
√ In nominal terms, #EmergingMarkets exports had already peaked in June and preliminary data for November suggests a drop of 18% from that peak and 9% y/y
√ In nominal terms, #EmergingMarkets exports had already peaked in June and preliminary data for November suggests a drop of 18% from that peak and 9% y/y
3/3
√ Obviously, a large part of this correction is due to a drop in export prices (8% for all EM), in particular the price of raw materials, which has caused the export prices of commodity exporting countries to drop by more than 14%
√ Obviously, a large part of this correction is due to a drop in export prices (8% for all EM), in particular the price of raw materials, which has caused the export prices of commodity exporting countries to drop by more than 14%
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