Falling Commodity Prices Spur Diversification in Emerging Markets

Commodity exporting countries that have depended on the Chinese market have been hard hit by the slide in China's economy. Zambia, for example, relies on copper exports to China, which consumes 40% of the mineral's global output, for 70% of its foreign exchange earnings and 25 to 30% of its government revenue. Like Nigeria, which has depended on petroleum exports that are declining in value, Zambia sees a new need for economic diversification.

Check out countries heavily dependent on commodity exports:

• Bauxite: Indonesia, Jamaica, Brazil
• Chromite: South Africa, Zimbabwe, Albania
• Coal: Indonesia
• Cobalt: Democratic Republic of the Congo
• Copper: Chile, Kazakhstan, Zambia, Democratic Republic of the Congo, Peru
• Iron Ore: Brazil
• Lithium: Argentina, Chile, Bolivia
• Manganese: South Africa, Gabon, Brazil, Ghana
• Molybenum: Romania, Chile
• Nickel: (Indonesia banned exports to China), New Caledonia, Madagascar
• Petroleum: Saudi Arabia, Algeria, United Arab Emirates, Venezuela, Nigeria
• Platinum: South Africa
• Tin: Indonesia, Myanmar
• Tungsten: Myanmar, Bolivia
• Uranium: South Africa, Namibia, Niger, Kazakhstan
• Vanadium: South Africa
• Zinc: Peru, like Australia, has cut production and jobs