Export origins of the crisis lie in the economic recession we experienced in the US and Europe due to the financial crisis of 2008.
These countries were the largest consumers of Chinese goods, mainly industrial products with low cost.
The decline in profit slowed the growth of the Chinese economy, which has led to a decline in demand in China for raw materials and products.
This has led to falling prices for raw materials, but also to a sharp reduction in the level of world exports.
The most vulnerable countries
The map shows the 16 countries that are most vulnerable to an export crisis.
These include the following countries: Russia, Kazakhstan, Mongolia, South Korea, China, Taiwan, Germany, Azerbaijan, Turkmenistan, Saudi Arabia, Australia, Nigeria, Angola, Zambia, South Africa, Chile.
These countries can be divided into several categories:
- "heavyweights" (China, Russia, Germany, Saudi Arabia)
- important peripheral countries (Azerbaijan, Kazakhstan, Turkmenistan, Mongolia, Nigeria)
- Pacific countries (Chile, Taiwan, Australia, South Korea)
- African countries (South Africa, Zambia, Angola).
The first group includes countries that are major regional powers.
Their economies have a significant impact on neighboring countries, and problems in one can cause a Domino effect in neighboring countries.
The economies of the countries of the second group are highly dependent on regional powers and their relations.
In case of instability or economic crisis, the economies of these countries will be negatively affected by large neighboring countries, and their economic situation will worsen considerably.
A group of Pacific countries has been traditionally vulnerable to an export crisis, but so far they have not felt the full effect of this crisis.
But for African countries, the export crisis could be the impetus for change emerged in the decades of the economic situation.
Exporters can only hope that importing countries would help them to get out of the export crisis.
However, experts note that the prospects of recovery are very high as importers buy enough of the goods that it helped to compensate for the effect of the crisis.
Another way out of the situation for exporters to increase domestic demand. However, it is very difficult to do.
Therefore, experts predict that exporters will remain in crisis as long as the world economy will survive the current trends.
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