Investor Presentaiton
Why trade matters: relevance and evolution of trade
1 Trade in the age of Covid
$bn
Exports from Asian economies¹
240
220
200
180
1
The four phases of trade
160
China
during the Covid crisis
Taiwan
140
Vietnam
120
3
1
Supply shock
2 USD liquidity crunch
4
Index
55
50
50
Purchasing Manager Index²
45
40
40
Global
Germany
China
35
3
Taiwan
20
Vietnam
0
30
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Composite Leading Indicator³
3
Demand shock
Index
100
99
98
3
4 Recovery(?)
97
1
96
95
94
93
92
Container Throughput4
Index
118
116
114
1
112
110
3
108
106
104
102
100
Jan-20
Mar-20
May-20
Jul-20
Nov-19
Jan-20
Mar-20
May-20
Jul-20
US
China
OECD+M6
86
-
85
.
84
Nov-19
1.
2.
WTO Total merchandise exports. Aug China based on China Customs portal, Aug Taiwan based on
Ministry of Finance portal. China Jan & Feb 2020 combined data apportioned using PY exports.
HSBC Research articles for PMI (Purchasing manager Index)
3. OECD Composite Leading Indicators (CLI) Amplitude adjusted, M6 is major 6 non-members
4. RWI/ISL-Container-Throughput-Index (2015 = 100) seasonally and working day adjusted
4
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