AUSTRALIA’S KEY ASIAN TRADING PARTNERS HURTING: EFIC

SYDNEY - Australia’s key Asian trading partners now appear to be feeling the effects of softening external demand caused by Europe’s contraction and tepid recovery in the US, according to the August issue World Risk Developments, published by Australia’s Export Finance and Insurance Corporation (EFIC). According to Dougal Crawford, EFIC Senior Economist, non-Japan Asia grew by around 5½% on year in the June quarter – well below trend and a noticeable slowing from the 7½% pace achieved in 2011. “Slowing exports are one factor behind the GDP slowdown”, observes Crawford.