-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessAsian Exporters Seeing Stronger Growth To US Than China
The robust US economy is benefiting the world’s exporters especially those countries where shipments to the US are a large share of their total. Of the eleven countries in our sample that have over 15% of their exports going to the US only two saw a contraction in the April 3-month average of the annual rate. In contrast those reliant on China are not doing as well, China could be diversifying its trade base.
- The charts below shows not only the geographical influence on trade trends but the importance of diversification, particularly to the world’s largest economies. Taiwan and Korea are good examples.
Source: MNI - Market News/Refinitiv
* The blue bars are the top 5 exporters to the US as a share of their 2023 exports, the pink ones are top 5 to China. eg. Mexico is the largest exporter to the US as a share of 2023 Mexico's exports and April grew 7.5% y/y 3m ma.
- Understandably fellow NAFTA countries Mexico and Canada are the most reliant on trade with the US accounting for 83% and 77% of 2023 exports and 6.8% and 20.5% of 2023 GDP respectively. Both have seen an improvement in shipment growth to the US this year.
- The US is also important for the Asian region, 20% of Japan’s exports went there in 2023 and 18% of Korea’s, India’s and Taiwan’s. They all saw double-digit growth in shipments to the US in April with Taiwan particularly strong at over 72% y/y 3-month average as it benefits from the US’ shift away from Chinese microchips. The only countries in the region seeing negative export growth to the US are China itself, Singapore and Hong Kong.
- In terms of the share of total exports, Australia, NZ, Indonesia and Taiwan are the largest shippers to China, but all ex Taiwan have small shares to the US. 36% of Australia’s exports went to China last year worth 7.8% of Australian GDP and in April they shrank 6.9% y/y 3-month ma as volumes and prices were both softer. China’s share for NZ and Indonesia is around 26% and both those countries are seeing exports to that destination contract. Taiwan’s remain slightly positive.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.