Asia Having Export Problems
An old Chinese Yuan Note That is No Longer Used
It should be understood that Asia is starting to have significant export problems right now.
Notice the following:
Investors await Obama’s signals on China’s yuan
Economists say China has its own reasons to keep currency trading stable
In the first half of 2008, the Chinese currency appreciated about 6% against the U.S. dollar, but it was largely flat in the second half. Some investors are fearful that the new administration will step up the pressure on China to allow its currency to strengthen further, and that this will lead to deteriorating trade relations between the two countries.
Whether the Obama administration will change the U.S. tone on China “is a matter of concern…
Chinese authorities, like their U.S. counterparts, are giving priority to domestic economic challenges, as their country’s economic growth slows. Gross domestic product eased to 9% on the year in the third quarter of 2008, after growing by 11.9% in 2007.
Reflecting the weak global demand, China’s exports contracted in December at their fastest pace in almost a decade. Shipments fell 2.8% to $111.16 billion from a year earlier, their biggest contraction since April 1999. See full story on China’s export slowdown.
But so far, China does not appear to be poised to export its way out of the global downturn. Instead, it is pinning its recovery hopes on stimulus and steps aimed at boosting domestic demand, which bodes well for those betting on stable foreign exchange.http://www.marketwatch.com/news/story/investors-await-obama-teams-signals/story.aspx?guid={810D56BB-12A7-4F8E-8A9B-6BB03A0A6532}&dist=msr_1
UPDATE 1-Hong Kong says saw double-digit drop in Dec exports
By Susan Fenton
HONG KONG, Jan 15 (Reuters) – Hong Kong said it saw a double-digit decline in exports in December while unemployment hit 4 percent or higher, pointing to a deterioration in its already recession-hit economy…
The sharp fall in exports tracked a regional trend as Asia is being hit by weakening consumer demand in advanced economies. Taiwan’s exports plunged by a record 42 percent in December from a year earlier while South Korean exports slumped 17 percent and exports from China dropped 2.8 percent.http://in.reuters.com/article/asiaCompanyAndMarkets/idINHKG7498620090115
Japanese Machinery Orders Dive
By TAKASHI NAKAMICHI
TOKYO — Japanese machinery orders fell at their fastest rate on record in November as the global slowdown severely curbed manufacturers’ spending — the latest indication that the nation’s economy weakened in the final months of 2008.
Data released Thursday by the Cabinet Office showed that core private-sector machinery orders dropped a seasonally adjusted 16.2% in November from the previous month to 754.2 billion yen ($8.47 billion).
The decline in core orders — which don’t include often-volatile orders from electric-power companies — was the largest since April 1987 when comparable data were first made available, a Cabinet Office official said.
The latest figure marked the second consecutive month of decline following October’s 4.4% decrease.
Japanese exports and industrial production also posted the worst drops on record in November.
The grim numbers prompted a number of economists to cut their growth forecasts for Japan’s export-dependent economy. http://online.wsj.com/article/SB123205054030486773.html?mod=googlenews_wsj
India’s Singh Predicts ‘Difficult’ Year, Signals More Measures
By Kartik Goyal
Jan. 17 (Bloomberg) — India’s Prime Minister Manmohan Singh said the fiscal year starting April 1 will be “difficult” and signaled policy makers may add to interest- rate and tax cuts to bolster the slowing economy…
India’s overseas shipments dropped 9.9 percent in November from a year earlier after contracting 12.1 percent in October. The decline in exports and output may continue for the next two quarters, Trade Minister Kamal Nath said… http://www.bloomberg.com/apps/news?pid=20601091&sid=aut9ZipHOOVw&refer=india
Singapore Dec non-oil exports plunge 21 percent…
SINGAPORE (AP) — Singapore’s non-oil exports, which account for two-third of the city-state’s gross domestic product, dropped by the most in almost seven years in December, further evidence of the country’s worst recession in decades.
Exports in December fell 21 percent from a year earlier to 10.5 billion Singapore dollars ($7.0 billion) as consumer demand from Europe, China and the U.S. plummeted, according to Trade and Industry Ministry figures released Friday. Exports fell 13 percent in December from the previous month.
December’s decline was the biggest since exports fell 23 percent in February 2002.
“This was yet another depressing Singapore release, with exports heading for a repeat of the huge 2001-02 contraction if not something worse,” Robert Prior-Wandesforde, senior Asian economist for HSBC in Singapore, said in a report.
“The bottom line is that Asia is in the midst of the biggest export collapse it has experienced in decades,” he said.
http://www.google.com/hostednews/ap/article/ALeqM5ixM7Q-rota6NUElM_rCNT0jwuJ7wD95O4PK00
Asia will struggle, but for many reasons (including its relative lack of debt and work ethic) I believe ultimately will recover to a degree–though NOT enough to become the premier economic superpower of the world as Bible prophecy indicates that Europe will fill that role.
Some articles of possibly related interest may include:
China, Its Biblical Past and Future, Part 1: Genesis and Chinese Characters This article provides information showing that the Chinese peoples must have known about various accounts in the Book of Genesis up until their dispersion after the Tower of Babel.
China, Its Biblical Past and Future, Part 2: The Sabbath and Some of God’s Witness in China When did Christianity first come to China? And is there early evidence that they observed the seventh day sabbath?
Asia in Prophecy What is Ahead for China? Is it a “King of the East”? What will happen to nearly all the Chinese, Russians, and others of Asia? China in prophecy, where? Who has the 200,000,000 man army related to Armageddon?
Japan, Its Biblical Past and Future, Part 1: Any Witness? This is a draft of an in-process article about Japan. Have they had any witness?
Japan, Its Biblical Past and Future, Part 2: Prophecy Japan in prophecy. What is prophesied for Japan. Will God save the Japanese?
India, Its Biblical Past and Future: Any Witness? The Bible discusses the origins of those of Indian heritage and discusses some of the witness to them.
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? What is ahead for Europe?
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