Away from the snowy flats of the north pole, the factories of southern China, South Korea and western Taiwan are probably the closest thing to a real-life Santa’s workshop. They have been churning out toys, trinkets, garments and gadgets to sit on or under the Christmas tree since the 1980s.
With the US economy growing at 3.6 per cent in the last quarter, most would expect Asia’s factory floors to be humming once again.
This year, however, Asia’s export engines have failed to get out of first gear. Exports from Asia ex-Japan have risen only 3 per cent compared with last year, despite the pick-up in growth in the west.
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