Word: exporting
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SOUTH KOREA. From January through September, South Korea's exports were down 1.3% from the same period a year ago. Some of the most important industries were hardest hit: steel exports fell 8.4%, and electronics shipments were off 7.2%. The export decline helped slice South Korea's growth rate from 7.5% in 1984 to about 4.8% this year...
...Britain--announced in September a coordinated effort to bring down the rate of the dollar. A cheaper currency will make imports more expensive for Americans and thus help the U.S. cut its $150 billion annual trade deficit. But it will also inflict further dam age on Asia's export industries...
...There's a swagger among miners from Mount Isa to Perth, and it's largely thanks to China. Last year, exports to the country soared: nickel by 88%, coal 72%, copper 35%. No longer do miners feel outdated and outsmarted by the dotcom people. China's growing metal consumption is pushing up prices across the board, giving companies the upside they need to commit to exploration and mining projects. Comalco, owned by Rio Tinto, recently commissioned an alumina refinery at Gladstone in central Queensland, the first plant of its kind to be built in the world for 20 years...
...Spread out on a sofa in his Parliament House office, Foreign Minister Downer has the answer to that one down pat: "We get imports more cheaply, and we get better access to their export markets. There's no doubt that the net impact on our economy would be very positive." And politically? "An FTA is a way of building a very strong bond with a country," Downer says. He believes the Chinese view Australia as more important to them than before, while Canberra's friendship with Washington gives it "gravitas" in the region. "As China's economic power has grown...
...Australia's recent economic growth owes much to China. It is essentially China's demand for resources that has lifted Australia's terms of trade to a 30-year high. China is already our second largest export market, and the growth is not just in minerals and energy. Some estimates suggest that by 2010, a million Chinese tourists may be visiting Australia each year. China is already Australia's largest source of overseas students. This structural complementarity between the two economies offers huge potential for closer trade ties...