The crazy East Asian trade boom continues, with regional exports taking off relative to the rest of EM over the past few quarters and continuing to accelerate in May.

It's all about IT electronics. Looking at the data it's still all about IT/electronics exports, which are rocketing upwards compared to other categories and compared to the rest of EM.

Prices are surging, but it's still mostly volumes. Huge price spikes for processing and memory chips are now very evident in the data, but the numbers still show that the main story is in volume demand.

US AI spending is the main destination. Import statistics clearly point to the US as the biggest driver by destination, and AI-related investment as the main underlying source of demand.

We don't know how long this will persist. As a result, the answer to the question "How long can this go on?" is, "As long as the US AI spending boom lasts." ... (And we don't know how long that is.).