Investors in Asia's main export-sensitive economies thought earlier this year that economic recovery in the United States would fuel demand for the region's factory output. Not so. The US is having its best run of quarterly GDP statistics since 2004, but the final reading of third quarter data due next week is likely to confirm that imports decreased. This chart of export momentum from the mainland, Taiwan and South Korea is the clearest indication of that, according to Paul Gruenwald, Asia-Pacific chief economist at Standard & Poor's. "Stronger US growth is not translating to sustained stronger spending on imports," Gruenwald says. Time for investors to realise that Asia is unlikely to enjoy an export-driven growth spurt.
