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Daniel Moss

Global Trade Is Thriving (for Some)

“Deglobalization” may describe the developed world, but emerging markets capture an ever-greater slice of the pie.

Business is good in Saigon.

Business is good in Saigon.

Source: Godong/UIG, via Getty Images

The West has turned hostile to open markets, but trade isn’t in retreat everywhere. In other parts of the world, it’s flourishing.

The fashionable label “deglobalization” misses the shift in import and export patterns that has seen emerging markets account for an increasing share of global trade in goods. Not the least of these is China’s expanding role as customer, not just a seller. If China’s richest person, Jack Ma, is right that the U.S.-China dispute may last decades (I suspect he is), the shift in the center of gravity will only accelerate.