Emerging markets and commodity suppliers have grappled withreduced demand from China as a propertydownturn weighed on the world's second-largest economy.

U.S., Japanese, and German exporters did better, supplyingcapital goods like machines that China still demanded. That maysoon change, according to a study of global exposure to China byUBS Group AG economists Donna Kwok, Wang Tao, and JenniferZhong.

“As the multiyear Chinese property downshift continues to unfoldbeyond this year, we may see a longer-term decline in China'sappetite for foreign industrial imports,” the analysts wrote in areport June 22. “Commodity, reprocessing, and developed countryexporters alike should brace themselves for the impact of weakeningChina demand this year, irrespective of whether U.S. or EU importspick up.”