We should not confuse deglobalisation with a decline in trade in goods

There is a lot of talk today about deglobalisation, about dividing the world into two camps based on ideological criteria. But we believe that deglobalisation is being confused with a decline in trade in goods and distrust of China: Trade in goods in volume terms fell in 2023, and this is not just linked to the fall in Chinese exports to the United States; other exports of goods are falling sharply, while exports of services continue to grow strongly; Direct investments by foreign companies in China have collapsed since 2022, but this is not the case for direct investments in other regions of the world; Financial globalisation continues to advance, with the dollar playing a growing role in international bond issues, foreign exchange transactions and the invoicing of world trade. Apart from the fall in goods exports, there is therefore no sign of deglobalisation, as trade in services, and direct investment, except in China, continue to grow strongly, and the international role of the dollar continues to grow.