First, the numbers: Chinese exports have been trending lower , falling 18.1% in February from a year earlier, and then dropping another 6.6% in March. (The April results are due out next week.) Imports have also suffered, retreating 10.1% in February and 11.3% in March. ( Read more in this Asia markets blog .)
Still, some economists have discounted the data, saying that the comparison levels from a year earlier were skewed higher, due to false invoicing — mostly for tax purposes — on which customs officials have since cracked down.
But in a report out Wednesday, U.S. Trust, a wealth-management unit of Bank of America, notes that a growing number of nations now depend on China as the most important market for their exports.
As seen in the chart below, 36 countries now count China as their top export market, up from just 5 in 2000. Of course, there are 193 countries in the United Nations, so 36 may seem like a small portion, but as U.S. Trust says, the list includes some key states:
“In Asia, think Australia and New Zealand, in addition to South Korea and Thailand. In the Middle East, Saudi Arabia and Iran count China as their top export market. So do Brazil and Chile in South America. China is also a key export market for South Africa and a host of other resource-dependent nations in Africa,” the report says.
And more importantly, the trend it upward despite the slowdown, as shown in the chart below:
http://www.marketwatch.com/story/why-china-matters-to-the-world-in-one-chart-2014-05-02?link=sfmw_fb
