Dun & Bradstreet Assesses Business Risks, Opportunities Amid Asian Financial Crisis
Business Wire - April 14, 1998 08:16
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MURRAY HILL, N.J.--(BUSINESS WIRE)--April 14, 1998--
D&B to host free seminar May 6, at Hilton Towers, New York City
Despite its current economic difficulties, Asian countries remain very active trading partners with American companies of all sizes, according to Joseph W. Duncan, chief economic adviser to The Dun & Bradstreet Corporation (D&B). Duncan made the statement while announcing an upcoming seminar, "Surviving the Asian Crisis." The seminar, which is free and sponsored by D&B, will address the risks and opportunities of conducting commerce amid the current Asian financial crisis and be held May 6 from 8:30 a.m. until 12 noon in New York City at the Hilton Towers.
The seminar is designed for companies that currently do business in Asia and for those considering entering the region. Nine of the top 20 export markets for companies based in the United States are in the Asia-Pacific area, including Australia, Malaysia, Thailand, China, Japan, Korea, Taiwan, Hong Kong and Singapore.
Duncan noted, "The public media has overstated the impact of the 'so-called Asian crisis.' Although the currencies have declined and Asian stock markets are weak, the economic fundamentals of high productivity, cheaper prices (especially after the devaluations), strong production capacity, and important ties to foreign companies will all bring the Asian companies back to strong growth within 18 to 24 months. In the meantime, these economies will not drop into recession, but they will have relatively weak growth, in the 2-to-3 percent range." "The exception," Duncan said, "may be Indonesia, which is not facing up to the real issues and may enter into a recessionary period."
More than 30 percent of U.S. exports go to Asia -- almost $200 billion per year -- supporting more than 2 million American jobs, 300,000 in the New York City Metropolitan and Tri-State areas alone. U.S. exports to Asia, which grew substantially over the past decade, began to slow in 1996 and decreased in some markets in 1997. While overall U.S. exports grew by 10 percent in 1997, exports to Asia slowed to an overall 2.5 percent growth.
D&B's Duncan forecasts a hopeful future for Asian countries. "The dragon will fly again," predicted Duncan. "Those that anticipate the risks, exercise good judgement, and balance themselves will get the ride of their lives. Those who fly blind will fall off." Since the Asian crisis began, demand for D&B business information on Asian companies has increased by 20 percent over the same period a year ago. D&B is the global leader in providing business information to assess risk and opportunity.
Duncan will be joined at the D&B seminar by Justin Bowles, D&B's senior risk analyst for Asia; John Lawler, vice president -- D&B Asia-Pacific/Canada/Latin America; Andrew Lobsenz, director -- International Business Development for D&B Receivable Management Services; Yang Shao, manager -- Business Development, Asia; and Joseph Douress, director -- Global Trade Services and publisher, D&B's Exporters' Encyclopaedia.
New York is the third largest exporting state to Asia with $12.2 billion in exports, according to a recent U.S. government report. New York, New Jersey ($4.9 billion) and Connecticut ($4 billion) account for more than $17 billion in exports to Asia or 16 percent of all U.S. exports to the region. The government report indicates that Asia is a bigger market for U.S. exports than Europe. New Jersey, ranked seventh in exports to Asia, and Connecticut eleventh out of the 50 states.
For more information on the D&B "Surviving the Asian Crisis" seminar, call 1.800.290.2485. Use the same number to register in advance.
Dun & Bradstreet (D&B), a company of The Dun & Bradstreet Corporation, is the world's leading provider of business-to-business credit, marketing and purchasing information, and receivables management services. The corporation, which also includes Moody's Investors Service and Reuben H. Donnelley, is headquartered in Murray Hill, N.J., employs 16,000 people in 38 countries, and reported 1997 revenue of $2.2 billion. Additional information about Dun & Bradstreet is available through its web site, www.dnb.com.
CONTACT: Dun & Bradstreet, Murray Hill
Mike Azzi, 908/665-5694
e-mail: azzim@mail.dnb.com
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