The rise of China as a global economic superpower, alongside the growing tension between the U.S. and China, is reshaping global trade dynamics.
Global trade is being increasingly influenced by this geoeconomic rivalry between the U.S. and China. U.S. imports are shifting away from China, while China is boosting exports to geopolitically aligned partners like Russia, Singapore, Vietnam, the UAE, and Saudi Arabia. As a result, bilateral trade between countries with similar geopolitical interests has surged, rising by 2 percentage points to account for 60% of global trade, totaling $620 billion in just two years. According to recent research by Allianz Trade, this shift has profound implications for global supply chains, trade relations, and economic power distribution. Read more https://www.allianz-trade.com/en_global/news-insights/news/global-trade-outlook-2024.html?utm_source=linkedin&utm_medium=Amplify&utm_content=26207b9a-8212-48cb-a02e-e81636458cc0
