Accessible Version
Accessible version
Exhibit 1. Global Merchandise Exports
| Period | Nominal Exports* | Real Exports (in 2000 dollars)** |
|---|---|---|
| January 2000 | 459.89 | 448.16 |
| February 2000 | 467.23 | 459.67 |
| March 2000 | 468.56 | 462.56 |
| April 2000 | 460.13 | 457.84 |
| May 2000 | 473.09 | 476.37 |
| June 2000 | 481.70 | 474.11 |
| July 2000 | 479.19 | 475.22 |
| August 2000 | 488.98 | 488.90 |
| September 2000 | 479.89 | 487.13 |
| October 2000 | 480.38 | 492.44 |
| November 2000 | 479.64 | 493.70 |
| December 2000 | 484.67 | 491.38 |
| January 2001 | 490.11 | 489.56 |
| February 2001 | 485.96 | 493.10 |
| March 2001 | 473.39 | 487.25 |
| April 2001 | 459.45 | 477.25 |
| May 2001 | 463.23 | 482.76 |
| June 2001 | 449.83 | 476.95 |
| July 2001 | 441.59 | 469.59 |
| August 2001 | 458.53 | 478.81 |
| September 2001 | 442.10 | 462.83 |
| October 2001 | 446.69 | 473.78 |
| November 2001 | 438.68 | 470.15 |
| December 2001 | 431.01 | 462.51 |
| January 2002 | 441.40 | 476.58 |
| February 2002 | 439.38 | 476.59 |
| March 2002 | 443.74 | 477.78 |
| April 2002 | 465.75 | 496.30 |
| May 2002 | 470.77 | 494.36 |
| June 2002 | 476.33 | 489.76 |
| July 2002 | 498.96 | 508.52 |
| August 2002 | 492.96 | 504.68 |
| September 2002 | 495.77 | 506.48 |
| October 2002 | 498.10 | 508.87 |
| November 2002 | 504.20 | 509.80 |
| December 2002 | 501.07 | 499.95 |
| January 2003 | 530.90 | 520.12 |
| February 2003 | 528.83 | 510.82 |
| March 2003 | 526.31 | 511.24 |
| April 2003 | 530.85 | 517.91 |
| May 2003 | 543.23 | 514.79 |
| June 2003 | 545.27 | 514.53 |
| July 2003 | 552.77 | 528.01 |
| August 2003 | 538.61 | 518.03 |
| September 2003 | 565.85 | 537.41 |
| October 2003 | 587.08 | 547.15 |
| November 2003 | 579.51 | 536.89 |
| December 2003 | 623.17 | 562.19 |
| January 2004 | 618.15 | 549.06 |
| February 2004 | 639.12 | 568.26 |
| March 2004 | 643.82 | 574.01 |
| April 2004 | 643.25 | 579.84 |
| May 2004 | 644.75 | 577.84 |
| June 2004 | 665.30 | 591.75 |
| July 2004 | 670.23 | 593.21 |
| August 2004 | 662.92 | 585.41 |
| September 2004 | 677.44 | 595.34 |
| October 2004 | 689.11 | 593.14 |
| November 2004 | 719.09 | 603.09 |
| December 2004 | 732.55 | 609.29 |
| January 2005 | 718.94 | 597.13 |
| February 2005 | 719.09 | 596.19 |
| March 2005 | 737.25 | 605.90 |
| April 2005 | 751.59 | 621.53 |
| May 2005 | 742.54 | 622.55 |
| June 2005 | 739.16 | 631.11 |
| July 2005 | 733.38 | 626.79 |
| August 2005 | 761.49 | 639.30 |
| September 2005 | 768.16 | 645.01 |
| October 2005 | 760.96 | 644.04 |
| November 2005 | 769.26 | 657.87 |
| December 2005 | 792.14 | 673.27 |
| January 2006 | 807.03 | 670.39 |
| February 2006 | 808.94 | 675.14 |
| March 2006 | 831.72 | 692.29 |
| April 2006 | 825.12 | 676.64 |
| May 2006 | 869.44 | 695.26 |
| June 2006 | 866.62 | 700.50 |
| July 2006 | 853.25 | 685.24 |
| August 2006 | 885.62 | 704.92 |
| September 2006 | 883.22 | 708.91 |
| October 2006 | 877.86 | 707.22 |
| November 2006 | 912.27 | 725.44 |
| December 2006 | 926.83 | 727.19 |
| January 2007 | 926.79 | 726.80 |
| February 2007 | 936.76 | 728.58 |
| March 2007 | 933.31 | 720.13 |
| April 2007 | 950.17 | 722.56 |
| May 2007 | 970.25 | 735.30 |
| June 2007 | 968.86 | 733.52 |
| July 2007 | 989.44 | 738.26 |
| August 2007 | 1,000.59 | 752.60 |
| September 2007 | 997.82 | 735.36 |
| October 2007 | 1,052.96 | 758.73 |
| November 2007 | 1,089.13 | 767.11 |
| December 2007 | 1,076.06 | 762.02 |
| January 2008 | 1,141.28 | 785.60 |
| February 2008 | 1,145.19 | 774.13 |
| March 2008 | 1,131.64 | 747.21 |
| April 2008 | 1,213.31 | 784.23 |
| May 2008 | 1,187.10 | 768.90 |
| June 2008 | 1,199.91 | 761.77 |
| July 2008 | 1,246.90 | 784.27 |
| August 2008 | 1,163.73 | 755.52 |
| September 2008 | 1,142.76 | 761.13 |
| October 2008 | 1,051.81 | 749.32 |
| November 2008 | 920.01 | 689.40 |
| December 2008 | 894.61 | 664.71 |
| January 2009 | 817.73 | 615.77 |
| February 2009 | 793.40 | 622.00 |
| March 2009 | 802.54 | 627.78 |
| April 2009 | 809.45 | 627.29 |
| May 2009 | 810.91 | 616.60 |
| June 2009 | 862.57 | 642.26 |
| July 2009 | 892.63 | 667.27 |
* The nominal data are the sum of the total merchandise exports of 44 economies, including the United States, expressed in U.S. dollars. Return to table
** The real data are calculated by deflating dollar-value nominal exports by export price indexes constructed from local-currency deflators drawn from country sources and dollar exchange rates. Return to table
Source: CEIC, Haver, and staff estimates.
Exhibit 2. Trade Openness and GDP Growth (2008Q4-2009Q1)
| Country | Growth Relative to Trend* | Trade Openness** |
|---|---|---|
| Asia | ||
| China | -7.08 | 0.64 |
| Hong Kong | -17.03 | 3.44 |
| Indonesia | -3.18 | 0.44 |
| Korea | -13.72 | 0.69 |
| Malaysia | -18.92 | 1.73 |
| Philippines | -8.99 | 0.73 |
| Singapore | -20.15 | 3.36 |
| Taiwan | -17.60 | 1.18 |
| Thailand | -18.60 | 1.10 |
| India | -4.28 | 0.36 |
| Japan | -13.69 | 0.29 |
| Australia | -3.71 | 0.33 |
| New Zealand | -3.73 | 0.44 |
| Non-Asia | ||
| Argentina | -8.95 | 0.38 |
| Brazil | -13.06 | 0.21 |
| Chile | -10.00 | 0.68 |
| Colombia | -8.28 | 0.30 |
| Mexico | -18.11 | 0.54 |
| Euro Area | -10.21 | 0.33 |
| France | -7.01 | 0.45 |
| Germany | -13.39 | 0.72 |
| U.K. | -9.94 | 0.38 |
| U.S. | -7.55 | 0.22 |
* Growth relative to trend is the percentage point difference between the realized rate of growth during 2008Q4 and 2009Q1, measured at an annual rate, and trend growth. Trend growth is the average annualized growth rate during 2006 and 2007 of smoothed gross domestic product (GDP) using the Hodrick-Prescott filter. Return to table
** (Exports+Imports) / GDP in 2007. Return to table
Source: CEIC, Haver, and staff estimates.
Exhibit 3. Financial Openness and GDP Growth (2008Q4-2009Q1)
| Country | Growth Relative to Trend* | Financial Openness** |
|---|---|---|
| Asia | ||
| China | -7.08 | 1.06 |
| Hong Kong | -17.03 | 23.90 |
| Indonesia | -3.18 | 0.87 |
| Korea | -13.72 | 1.36 |
| Malaysia | -18.92 | 2.35 |
| Philippines | -8.99 | 1.12 |
| Singapore | -20.15 | 9.70 |
| Taiwan | -17.60 | 3.26 |
| Thailand | -18.60 | 1.33 |
| India | -4.28 | 0.81 |
| Japan | -13.69 | 1.96 |
| Australia | -3.71 | 2.64 |
| New Zealand | -3.73 | 2.32 |
| Non-Asia | ||
| Argentina | -8.95 | 1.50 |
| Brazil | -13.06 | 0.98 |
| Chile | -10.00 | 1.99 |
| Colombia | -8.28 | 0.77 |
| Mexico | -18.11 | 0.81 |
| Euro Area | -10.21 | 3.42 |
| France | -7.01 | 5.54 |
| Germany | -13.39 | 4.13 |
| U.K. | -9.94 | 9.28 |
| U.S. | -7.55 | 2.75 |
* Growth relative to trend is the percentage point difference between the realized rate of growth during 2008Q4 and 2009Q1, measured at an annual rate, and trend growth. Trend growth is the average annualized growth rate during 2006 and 2007 of smoothed gross domestic product (GDP) using the Hodrick-Prescott filter. Return to table
** (International Assets+Liabilities) / GDP in 2007. Return to table
Source: CEIC, Haver, and staff estimates. International investment position data are from Haver and the U.S. Bureau of Economic Analysis.
Exhibit 4. Asian Industrial Production and Exports Relative to Pre-Crisis Peak
| Country | Industrial Production | Exports* |
|---|---|---|
| China | 1.07 | 0.73 |
| India | 1.04 | 0.70 |
| Indonesia | 1.00 | 0.74 |
| Australia | 0.96 | 0.68 |
| Korea | 0.94 | 0.76 |
| Thailand | 0.89 | 0.73 |
| Singapore | 0.88 | 0.69 |
| New Zealand | 0.88 | 0.90 |
| Malaysia | 0.87 | 0.67 |
| Hong Kong | 0.85 | 0.88 |
| Philippines | 0.82 | 0.71 |
| Taiwan | 0.81 | 0.77 |
| Japan | 0.71 | 0.64 |
* Exports are measured in U.S. dollars. Industrial production and export data are through the second quarter. Return to table
Source: CEIC, Haver, and staff estimates.