From the Financial Times: "The slide in emerging market (EM) trade this year is a trend mainly made in China. Of course, China’s own falling numbers depress the overall EM average, but there is more to it than that. China’s appetite for commodities is on the wane, while its manufacturing imports have started to fall off a cliff."
"Oxford Economics, a research company, calculates that whereas China added about 0.5 percentage points per year to the global trade in goods between 2012 and 2014, it subtracted roughly 0.7 percentage points (see chart) in the first quarter of this year."
"The China factor is set to weigh heavily for the foreseeable future, analysts say. 'Largely as a result of China’s weakness, our forecast for world trade growth has come down considerably,' said Adam Slater, economist at Oxford Economics."