KUALA LUMPUR: China remains central to Asian trade, with gains in some countries at the margins on a regional scale, according to S&P Global Ratings.
Global chief economist Paul Gruenwald said China’s share of global markets is broadly unchanged since 2014.
“What has moved, and this is interesting, is the composition of China’s exports. They are falling into the developed markets but rising to the emerging markets,” he said, adding that export shares of most Asian emerging markets had been flat.
Gruenwald said this in his presentation, “Global macro: The landing begins” at the Asia-Pacific Financial Institutions Virtual Conference 2024 yesterday.
He noted that Vietnam and Mexico have benefited from trade diversion while Hong Kong and Singapore have been the biggest winners out of it. — Bernama
