
The Macro Brief by HSBC Global Research
Shifting supply chains
Mar 22, 2024
Trade economist Shanella Rajanayagam discusses the reconfiguration of global supply chains, exploring topics like reshoring, China's evolving role in trade, and the impact of Gulf disruptions on container freight rates and global markets.
10:26
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Quick takeaways
- Hyperglobalisation boosted income growth in emerging markets through trade policy liberalisation and technological advancements.
- Rising labor costs in China drove supply chain relocations to countries like Mexico, reshaping global trade patterns.
Deep dives
Hyperglobalisation Era: Impact on Trade Growth and Income
During the hyperglobalisation era from 1992 to 2008, trade outpaced GDP growth significantly, boosting income growth in emerging markets. This period saw enhanced productivity due to trade policy liberalisation and technological advancements, enabling global access to goods at lower prices. The evolution towards changing trade shifts, including reshoring, relocating, and near-shoring, reflects a trend of de-risking supply chains from mainland China.
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