Asian nations are likely to see their hectic export expansion slow this year because of weaker world economic growth, a United Nations panel said.
“In most (Asian) countries, export expansion slowed down in the latter part of 1988 and this deceleration was expected to continue in 1989 and into 1990,” the U.N. Economic and Social Commission for Asia and the Pacific said in its 1988 survey.
Rapid growth in Japanese demand and expanding trade among developing Asian economies boosted the region’s exports last year, the Bangkok-based body said. China, Hong Kong, Pakistan, South Korea, Singapore and Thailand all saw the value of their exports rise by about 20% or more.
But export growth in the region will fall this year because of the expected slowdown of the world economy, the report found. Also, Taiwan and South Korea’s currencies are appreciating and Hong Kong, Singapore and Thailand face labor shortages.