What could have been a mere downturn in growth turned into a collapse because short term debt was suddenly withdrawn, exchange rate collapsed, businesses went under burdened by unhedged foreign currency debt, and consumers stopped spending. Recovery could never have come to these economies through exports, because no plausible rate of growth of exports would have been sufficient to make up for lost domestic demand. We think it is. Awareness of the Asian rebound is beginning to dawn. What Australian business and Australian policy makers have not yet begun to discuss is what it will mean for Australia's integration into the region over the next decade.
Japan is Australia's largest export market.
Korea is its second largest. Australian Opportunities Australian manufactured exports have grown swiftly over the last fifteen years, and a high proportion of them go to Asian markets. During May the Australian APEC Study Centre conducted the Quarantine Administrative Training Program for officials from various government agencies in China. Mr John Landos, a consultant with extensive experience in Australia's quarantine system, designed and presented the course. Sixteen Chinese delegates participated in an intense three week program of coursework, site visits and other exercises in Melbourne, Canberra and Sydney.