Asian exports shifting to new markets

Asian exports shifting to new markets

By Raphael Minder in Hong Kong

Published: April 1 2008 05:33 | Last updated: April 1 2008 08:50

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.”