Larry McIsaac, president of Zebco, based in Tulsa, Okla., said that fact that Chinas economy and currency has remained stable so far means less change in U.S. markets than some might expect. Also, some people are questioning whether the companies supplying raw materials to Asian manufacturers would be financially healthy enough to meet demand and make a big difference in the numbers of Asian-made products imported to the United States. Zvejnieks said some feared that Korea would be able to export more goods because of currency devaluations, but that so far it hasnt panned out because theres not much currency available to purchase raw materials, whose prices have skyrocketed. Although many U.S. exporters are expecting some pain in the short term, they appear cautiously optimistic for the long term. Asian currencies seem to be climbing again, albeit slowly.
China remains stable.
The International Monetary Fund is assisting governments in Thailand, Indonesia and Korea, and economic reform programs are taking shape across East Asia. I think were going to see the Asian market come back, Forristall said. But a sales manager who did not wish to be identified said he was concerned that currencies in Hong Kong and Taiwan were vulnerable, and that some Latin American countries were feeling the reverberations of the climate in East Asia. As one company official said, You almost need the wisdom of Solomon to figure out how it will all pan out in the end. All rights reserved.