A decline in the ratio of world trade over world GDP, alongside the electoral success of isolationist politics in 2016, spurred talk about the ‘end of globalisation’. However, aided by a rebound in emerging markets (EMs), world trade growth has actually picked up in 2017.The weakness in EM trade since 2013 has partly reflected soft economic activity among commodity exporters. We think that cycle is now turning. With little desire in emerging markets for increased protectionism, and supportive demand from…