DBS Group Research noted if trade balance had remained stable between Q1 and Q2, GDP growth would have been 5.3% (QoQ, saar) instead of the 1.6% that it was.
Talking about demand growth, DBS said, “That demand went into someone’s pocket in Germany or Asia or the Middle East. But what goes around comes around and many, including DBS, expect a decent rebound in the trade accounts in the third quarter.”
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