The U.S. economy may have stopped sneezing, but Asia’s exports are still laid up with a nasty cold.
Growth in exports from seven of East Asia’s biggest exporters – Japan, China, South Korea, Taiwan, Thailand, Hong Kong and Singapore – slowed to a halt in the second quarter, according to national trade data compiled by Reuters, led by a 9 percent drop in exports to the European Union compared to a year earlier.
Growing trade between China and its neighbors has failed to offset a sharp decline in demand from Europe and slumping demand for things made in Japan. More troubling is that the slowdown dashes expectations earlier this year for a gathering recovery in the United States to trigger a rise in demand for Asian exports.
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