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Fragile EM export recovery facing more headwinds

EM export growth picked up in September, continuing the sluggish recovery seen since the start of this year. However, the improvement remains concentrated in a handful of EMs, with commodity producers in particular still struggling. What’s more, more timely data suggest that EM exports fared badly last month, which could be an early sign that softer global growth at the start of Q4 has affected EM producers.


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