Macro Insights Weekly - Mild recovery in Asian exports

Asia’s exporters had a forgettable 2023, with across-the-board declines. Several indicators suggest that the cycle has bottomed, but the outlook is not yet looking rosy
As supply chains normalised and emergency orders abated in 2023, so did exports.
Data from ports, PMI, and advance orders from the US suggest some upside to exports in 1Q24.
But manufacturers and shippers in China/Hong Kong remain gloomy.
Soft commodity prices are holding back exports numbers of Indonesia and Malaysia.
Middle East tensions could also disrupt shipping. Some caution is warranted.