Net exports subtracted nearly 1 percentage point from the annual rate of U.S.  BIS central bankers’ speeches  3  gross domestic product (GDP) growth in the first part of the year, and the most recent trade data suggest another substantial subtraction in the third quarter.
More recently, weakness in foreign demand has extended to emerging market economies, which now account for about half of world output and have been an important source of growth for more than the past decade.