Word: exportation
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...continuation of this trend could pose a serious problem for Asia. The region needs super-competitive currencies in order to keep its export-led growth model humming. To the extent the surprisingly robust dollar drags Asian currencies along for the ride, Asia's exports will become more expensive. Without support from internal consumption, further dollar strengthening could turn the region's export boom into a bust, a devastating development for growth...
...China could make or break the Asian export story, because it has become the most important force in pan-regional trade. Its exports rose by 35% to nearly $600 billion in 2004, and are on track to rise by close to another 30% this year. At the same time, China has drawn increasingly on imports from Asian neighbors?especially Taiwan, Korea and Japan?to provide materials and components for its booming export business...
...That sinking price makes a huge difference in West Africa, where more than 10 million people depend directly on cotton to pay for food, school fees and housing. The crop provides Burkina Faso and Mali with half of all their export earnings; in Benin it accounts for 75%. "If there is no cotton growing in Mali, Mali doesn't work," says Demba K?b?, an adviser to that country's Minister of Agriculture...
...subsidies U.S. cotton farmers receive help destroy any advantage West Africa's farmers have. Since the mid-1990s, when U.S. exports of subsidized cotton began growing?according to Oxfam, U.S. sales went from a low of 17% of the world export market in 1998 to 41% in 2003?the world cotton price has dropped by more than half. The International Cotton Advisory Committee, which promotes cooperation among cotton-producing countries, estimates that developing-world cotton growers, including Burkina Faso, Brazil, India, Mali and Pakistan, have lost $23 billion over the past four years to Western subsidies. The irony, says Oxfam...
...West African governments, some of which backed the Brazilian case, say the debate has dragged on for so long that they not only want subsidies to be cut but also need compensation for export-earning losses. "Africans are in a situation that if they don't do anything, it's possible that the cotton sector will disappear," says ministerial adviser K?b?...