The Asian emerging markets grew by 7.4% in real terms last year. In 2010, a year that was characterized by a strong global rebound from the previous severe recession, economic growth had come in at as much as 9.6%. The more subdued performance seen in 2011 is attributable to weaker global trade growth, which came in at only 5.6% compared with growth bordering on 15% in 2010. There are several reasons behind this development: first of all, the slowdown in world trade momentum has to be seen, at least in part, as a “return to normal”. Second, however, it also reflects the very subdued economic development in the industrialized countries. And last but not least, world trade took a significant knock, at least temporarily, as a result of the natural and reactor catastrophe in Japan in the spring, and the flooding disaster in Thailand in the fall of last year. In both cases, interruptions of international supply chains resulted in severe production losses.