Word: exporting
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...this decade as companies ranging from French insurer Axa to U.S. private-equity firm Kohlberg Kravis Roberts snapped up Turkish assets. But that flood has now been reduced to a trickle. The burgeoning middle class is starting to curb its free-spending ways, and the nation's two major export industries - automobiles and textiles - are watching nervously as international sales drop...
...That isn't what markets vulnerable to American troubles want to hear, particularly the export-dependent economies of Asia, where concerns about a possible recession are compounded by doubts that the evolving, $2.2 trillion U.S. plan to bail out its finance and banking system will prove effective. For those reasons, some see flightiness reigning in stock markets for the foreseeable future. "I expect volatility to continue for some time as long as confidence hasn't been restored," says Matthew Kwok, head of research at Hong Kong's Tanrich Securities. "Sentiments are quite pessimistic...
...long ago, American businessmen flocked to trade shows in Guangzhou, China, searching for bargains from the country's southern factories. "Americans are famous for one thing," says Ken Melwani, Hong Kong - based director of trading company Nikita, whose 10 Chinese manufacturing plants turn out women's undergarments for export to Latin America and Africa. "They don't care about quantity. They just want to know: 'What is the price?'" This year, Melwani noticed that U.S. buyers weren't coming anymore. And something else was different. His bank has stopped pushing loans. "Definitely things have changed from the beginning of this...
...country holds some $519 billion in U.S. Treasury bills (second only to Japan's $593 billion), and it doesn't want to see these investments eroded by a slumping dollar. In addition, China is increasingly worried that an economic slump in the U.S. and Europe will curtail its export growth, dealing the Chinese economy a serious blow. To keep the prices of its exports competitive, Beijing has reversed a policy begun three years ago that allowed its own currency, the yuan, to gradually increase in value relative to the dollar. After rising 6.4% during the first half...
...China's export-driven economy will suffer in a global slowdown, but the country is in a better position than many to ride out the storm, argues Kroeber of Dragonomics. "Commodity price are falling, reducing the price of manufacturing. And in any case, China makes the things you buy in Wal-mart and people will keep shopping there. It's countries that produce more high-end goods that will be worse affected...