While the potential for anti-trade policies from the new US administration is a significant risk for Asia in 2017, last year’s performance shows the resilience of the region’s outbound shipments and trends indicate it will continue in 2017, according to Robert Rennie, global head of markets strategy at Westpac.
After a sharp slow down at start to the year coinciding with the Chinese yuan devaluation, Asian exports recovered strongly through 2016. That was despite Brexit, the Italian referendum and the US election, he said.
These seven charts from Westpac explain why.
1. Asian exports accelerated into the end of the year both in US$ value and volume terms.
2. Asian new export orders suggest this story will continue in 2017
3. US container imports also suggest an improvement in demand conditions at the start of 2017
4. Container prices reflect a strong recovery from the collapse in early 2016
5. Global airfreight is recovering strongly, consistent with robust semiconductor sales
6. Leading indicators of global growth are on the up
7. Industrial metals are pointing towards strong global data momentum
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