(July 29): There are signs that Asia’s export slump is bottoming out.

That’s according to Goldman Sachs Group Inc. economists who highlight a substantial pick up in exports to the U.S. from Asian economies including Taiwan, Vietnam and India that’s effectively canceling out the fall in shipments from China.

“Initial shocks from the trade war might be behind us, with Asian exports to China recovering and tech exports catching up with stable non-tech exports,” Goldman economists led by Andrew Tilton wrote in a note. “Also, a rebound in the Asian trade cycle seems overdue, with Asian exports undershooting trade partners’ activity growth and the current downturn being sustained longer than past cycles.”

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