More Asian exports staying in Asia
Asian economies are becoming less dependent on sales to the Big Three as more and more exports are shipped to China and stay there. Exports to the United States and European Union are 12-15% below their peaks, while import volumes in Asia (excluding Japan) are 6% higher than the previous high.
In the past, this might have been due to supply chain trading links with goods heading on to more advanced economies, but recently the Asian trading volume has surpassed US retail sales. According to HSBC economist Frederic Neumann, this may be a sign that Asian economies are indeed ‘decoupling’ from the largest economies and becoming less reliant on them as final customers.
article & source: The Business Times
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