The largest driver of China’s 1.3% year over year slip in exports was a 20.7% slide in shipments by the telecoms industry. That brought the 2Q total decline to 14.7%, similar in magnitude to the 20.7% drop in exports by South Korea’s telecoms industry. Part of that process has been down to a shift in manufacturing to Vietnam and more recently to India. The latter may become a phone exporter with Apple having started shipping the iPhone Xr made in India to Europe. It’s not just phones where China’s lost out. Phone component exports to India from India have fallen by 48.6% year over year i...