Moderate growth through economic downturn
As a highly cyclical sector, machinery and equipment is often hit hard and fast during slowdowns and recessions. Unsurprisingly, global exports started declining in late 2019 as China went into festive season and dipped to a low point of US$86 billion at the worst of the pandemic in April 2020. Despite heterogenous sanitary situations across the world, global exports rebounded shortly and reached pre-Covid levels as early as September 2020 amounting to over US$112 billion. Moreover, since October 2020, global exports remain constantly above 2019 figures averaging close to US$119 billion.