EMs struggle to follow China’s lead

Although EM export growth slowed in August, the general trend since the middle of the year has been one of improvement and more timely figures suggest that the recovery resumed last month. However, a closer look at the data shows that the recovery has been concentrated in a relatively small number of EMs, and in particular China. In contrast, exporters in large parts of the emerging world – particularly commodity-producing economies – have continued to struggle.