Farewell to Globalization

UBS Economist Paul Donovan argues that while manufactured exports are becoming increasingly regionalized within blocs like the EU and NAFTA, services and commodities maintain global trade patterns.

Key Takeaways

• 1.Developed economies are increasingly regionalizing their manufactured exports, a trend visible in value-added data predating recent trade wars.
• 2.Manufacturing regionalization is prominent in trade blocs like the former NAFTA (Canada/Mexico) and the EU-27 (including Norway, Switzerland, and the UK).
• 3.While manufacturing is regionalizing, globalization persists in services and commodities which remain traded on a global scale.

Table of Contents

• Farewell to globalization?
• Global asset class preferences definitions
• Appendix
• Risk information
• Generic investment research – Risk information

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