American Consumers Coming To Asia's Rescue
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As Asian producers frantically search for customers anywhere and everywhere throughout the world, Americans are helping out by buying more.
- So much cargo is arriving from Asia that Long Beach, Calif. -- the nation's largest port -- has set up special storage areas to handle the overflow.
- In tonnage, the arrivals there from South Korea are up 34 percent from last year, from Hong Kong 29 percent and from China 21 percent -- with many ships sailing back empty.
- As a result, economists forecast an annualized U.S. trade deficit in this year's fourth quarter of $256.8 billion, compared to $159.1 billion in the year-earlier quarter -- with $40 billion to $50 billion directly attributable to the Asian crisis.
Economists say increased imports into the U.S. are a sign of the economy's strength, and that consumers will benefit from continued low prices due to competition.
Source: Bernard Wysocki Jr., "Americans Take On Their Beloved Role as World's Spenders," Wall Street Journal, August 11, 1998.
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