Word: exportable
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Dates: during 2000-2009
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...global financial meltdown can be traced to an American export - the subprime mess - the U.S. will import the consequences. As the go-go economies of China and India hit the brakes, so too will demand for American goods and services. That will have a knock-on effect on jobs and the earnings of companies that rely heavily on international sales. (One small silver lining: as their economies have slowed down, China and India have decreased their consumption of oil, contributing to a fall in prices, both globally and at the pump...
...Global Problem, Global Solution In the event of a severe economic downturn, the U.S. - like other countries - would find it much harder to export its goods and services around the world. According to the U.S. Chamber of Commerce, 12 million American jobs depend on trade, including 1 in 5 factory jobs. One in 3 acres of U.S. farmland is planted for export, and many of the nation's biggest corporations, from Coca-Cola to Microsoft and Google, depend on substantial revenues from overseas...
...Instead, worries are growing that a severe economic downturn in the U.S. and Europe could hurt export-driven Asian economies more than originally thought. Turmoil in Europe as governments scramble to cobble together their own bailout packages has convinced Asia that the contagion will spread far from Wall Street. "We felt pretty good that our economies are stronger," says Song Seng Wun, an economist at CIMB-GK Research in Singapore. "Problems seemed to be other people's problems." But recent events "have made us realize that we aren't entirely safe. It looks like the problem might be closer...
...when regional economies and governments were convulsed by devastating recession. That prospect still seems remote. Growth in Asia has remained relatively robust in 2008 and financial sectors sound. But Asian stock markets, most of which have plummeted by 30% or more this year, are signaling harder times ahead. Falling export growth and tighter credit are already beginning to pinch. Merrill Lynch expects GDP growth in Asia (excluding Japan) of 7.7% this year, the slowest pace since 2003. Next year could be worse if the U.S. enters a full-blown recession. "There are few signs as yet of the damaging effect...
...Still, roughly 25% of final exports from Asia are bound for America, and with consumer spending in the U.S. slipping, the manufacturing engines that drive many Asian countries are starting to sputter. The most vulnerable are those with high dependence on exports, such as Taiwan, South Korea and Vietnam. In China, weak export orders combined with rising costs are forcing tens of thousands of small factories to close in the country's industrial zones. The woes of exporters are felt throughout the region, which is tightly linked by trade in manufacturing parts and machinery. Slower sales to the U.S. mean...