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Global trade slowdown – not just a China story

The sharp slowdown in world trade growth over the last year has resulted from a series of mutually reinforcing negative shocks and is far more than a ‘China story’. The largest contributor has been weaker import growth in non-China emerging markets, and also in the mix is a steep deceleration in the Eurozone and downturns in sectors such as semi-conductors. World trade growth looks set to remain weak for several months, with a period of decline possible.

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