Demand for emerging market exports has hit a new post-crisis low, with US imports from China dropping sharply in July in the latest sign that the engine of growth for the world’s developing economies is sputtering.
The US has been one of the bright spots in an otherwise gloomy global economy and one of the few sources of growth for emerging market exporters, which last year saw exports of goods and services fall for the first time since the global financial crisis, according to figures from the UN.
Data from the US Federal Reserve show that US merchandise imports from China, the vast majority of which are manufactured goods, have been contracting in value terms since March and in volume terms since April.
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