Our research indicates that, even in the throes of the crisis, those emerging markets whose demand is most relevant to our exports are also generally the most resilient. These countries can be expected to make up an increasing proportion of global demand. This should provide an important support for commodity prices over the medium term.
The annualized growth rate of overseas economies was 6.5 percent during the January-March quarter of 2011, but fell to 3.0 percent in the April-June quarter before rising to 3.8 percent in the July-September quarter and then slowing again to 0.9 percent in the October-December quarter.