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When China's exports to America decline, commodity exporters and peripheral economies that supply value-added components to China's export goods get whipsawed.
Some emerging and especially low-income commodity exporters could benefit from higher export prices, but importers would then lose.
In fact, it gives a new message for current account since, emerging countries are primarily commodity exporters, and thus increasing commodity price will rise their export opportunities to the overseas.
But China's tiny appetite for American exports means that the main benefit has gone to commodity exporters and to businesses in China.
Commodity exporters benefited from a sustained surge in global commodity prices, which boosted export earnings, domestic growth, and government revenues.
The commodity exporters are flailing.
But other commodity exporters also look vulnerable, especially in Africa.
All commodity exporters are potentially subject to currency crises".
Commodity exporters like Russia and Brazil suffered sharp slowdowns.
Brazil's commodity exporters were hit by a fall in demand from Asia.
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