BIS Review 61/2009  5  In Australia’s case, exports are not as large a share of the economy, as noted, and the destinations are both more diverse and more oriented to Asia (China and Korea account for more than a fifth of the value of Australian merchandise exports, and Japan accounts for another fifth).
Overall, Asia was initially relatively little affected by the problems in the major economies. It was really only in the second half of 2008, as the financial turmoil led to a sharp drop in confidence among households and firms around the world, that a reassessment about Asia’s prospects began.