• Hong Kong is ranked 10th – the only other Asian market in the top 10 most connected list
• Globalization reached a record high, despite pandemic and geopolitical conflict
• Current level of globalization at only 25 percent, citing large potential to continue growing global flows
• Evidence points to robust intra-Asia trade flows and intercontinental trade demand between Asia and the West

SINGAPORE - Media OutReach Newswire - 13 March 2024 - DHL and New York University's Stern School of Business today released the new DHL Global Connectedness Report 2024, the most comprehensive available analysis of globalization's state and trajectory. It tracks how flows of trade, capital, information, and people move around the world and measures the globalization of 181 countries and territories.
The report reveals that globalization reached a record high in 2022 and remained close to that level in 2023 – despite a series of global shocks over the past decade, including the Covid-19 pandemic, wars in Ukraine and Gaza, the U.S. – China trade conflict, and the UK's withdrawal from the EU. The evidence strongly rebuts the notion that the growth of global flows has gone into reverse. Trade growth played a crucial role in boosting global connectedness. The share of global output traded internationally was back to a record high level in 2022. After a slowdown in 2023, trade growth is forecast to accelerate in 2024. The globalization of information flows has been especially strong over the past two decades, even though the latest data show a stall in their growth, partly due to less research collaboration between the U.S. and China. Corporate globalization is rising, with companies expanding their international presence and earning more sales abroad. The report affirms the considerable potential to continue growing global flows. It pegs the world's current level of globalization at only 25%, on a scale from 0% (meaning no flows cross national borders) to 100% (borders and distance have ceased to matter at all). Commenting on the findings for the region, Ken Lee, CEO for Asia Pacific, DHL Express, said, "We continue to see the resilience of globalization, and its profound impact on cross-border trade between Asia and the rest of the world. Trade demands within Asia also remain strong due to the establishment of several trade agreements. As a trade facilitator, we firmly believe that globalization is a powerful force that has huge potential to reinvigorate economic growth. We will leverage our global network to boost interconnectivity and enhance opportunities for our customers. Our digital tools such as Global Trade Services will also help more companies trade internationally by making it easier for them to understand the customs and regulations of the markets they want to enter." Ranking of most globalized markets: Singapore at the top, followed by the Netherlands as #2 and Hong Kong #10 In the new ranking of the world's most globally connected markets, Asian economies Singapore and Hong Kong come in among the top 10, with Singapore coming in first. It is ranked first on 'depth' as it has large international flows relative to the size of its domestic economy, due in part to its public policy to effectively integrate itself into the global economy. Singapore has also topped the charts on the trade and capital pillars. Singapore's total merchandise trade between 2019 and 2022 jumped 33 percent from approx. EUR701 billion to EUR937 billion (S$ 1,022.2 billion to S$ 1,365.4 billion). "Singapore has invested heavily in strengthening our physical and digital connectivity to the world because trade is our lifeblood. We continue to enhance our connectivity and trade links to remain a critical and trusted node in global supply chains, facilitating international trade and flows of capital, information and talent. We look forward to partnering with global companies seeking a launchpad for business growth and supply chain expansion in Asia-Pacific and beyond," said Ih-Ming Chan, Executive Vice President, Singapore Economic Development Board. Hong Kong is placed at the 10th position. Its global connectedness reaffirms the state's position as a gateway for flows between Mainland China and the rest of the world. It also signals the growing importance of the Greater Bay Area along with Macau's advance in ranking. Intra-Asia trade flows remain strong while the West remain key trading partners of Asia Evidence shows that markets in Asia Pacific are strongly connected with each other in the region. In fact, at least 70 percent of the countries in Asia Pacific have strong flows with their Asian counterparts. Looking at these countries' top 10 connections, six or more are with an Asia Pacific market, citing robust intra-Asia trade. The Asian region is also...