The value of EM exports fell in annual terms for the first time in almost a year in November as the slide in oil prices dragged on exports from energy producing EMs. The further slump in oil prices since then will put additional pressure on energy producers over the coming months and means that the headline EM export figure will remain extremely weak. However, in time, lower oil prices will be a net positive for the global economy and should help support an export recovery in some EMs later in the year.
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