Emerging markets already account for almost one-half of the growth in all imports over the past decade. In a process that can be expected to continue for decades, emerging Asia is rapidly urbanizing. China and India are housing the equivalent of the entire population of Canada every 18 months.
In parallel, a massive new middle class is being formed, growing by 70 million people each year. Thus, even though commodity prices have eased in recent weeks, they can be expected to remain at elevated levels, supported by large, sustained demand increases from the emerging world, particularly Asia.