In the fourth quarter of 2021, foreign trade in goods increased more strongly in developing countries than in developed ones, indicated the United Nations Conference on Trade and Development (UNCTAD).
Developing country exports in the fourth quarter of 2021 were about 30% higher than in the fourth quarter of 2020.
By comparison, this figure is around 15% for developed countries.
In addition, trade growth among developing countries (South-South) outpaced world trade during the fourth quarter of 2021, rising by around 32% relative to the fourth quarter of 2020, and up by around 38% if East Asian economies are excluded.
Similar patterns are found when comparing the fourth quarter of 2021 to pre-pandemic levels.
Foreign trade growth rates in the fourth quarter of 2021 remained very strong in all geographic regions, although lower in Europe, North America and East Asia.
At the same time, export growth has generally been stronger in commodity-exporting regions, as commodity prices have risen.
In particular, after the strong recovery in China, growth slowed in the second half of 2021.
As a result, HSBC expects the Chinese government to take steps to ease monetary and fiscal policies, with the aim of boosting growth.
Meanwhile, India‘s economy is set to grow rapidly, but growth is expected to be slower in the UK and US.
Although there is currently no long-term agreement between the UK and the European Union on access to financial services, HSBC has worked for a number of years to ensure that it can maintain full service for its customers in all possible scenarios.
Ideally, according to that bank, temporary arrangements on access to financial services will remain in place to minimize disruption and allow the UK financial services industry to continue to deliver the many benefits it brings to the UK and European Union economies.