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Asian exports shifting to new markets

East Asian nations are undertaking a substantial shift in exports away from the US to Europe and oil-rich markets in the Middle East and Russia and other developing countries, according to the World Bank.

Vikram Nehru, the World Bank’s chief economist for East Asia and the Pacific, said in an interview: ”I didn’t expect such a rapid shift towards non-US markets as we are seeing. That is a sign of very adept marketing, as exchange rates and incentives change.”

Mr Nehru said East Asian exporters had adjusted well to their currency positioning ”somewhere in the middle” between a falling dollar and a rising euro, which is making European markets more attractive.

While annual export growth from emerging East Asian nations slowed from 22 per cent in January of last year to between 15 and 16 per cent in the third quarter, it has since rebounded to between 18 and 19 per cent.

The World Bank also highlighted the extent to which more sophisticated domestic production is allowing China to source more

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