China s rebalancing is apparent, first and foremost, in the export sector. Export growth has slowed from its 2001 2008 average of 29 annually to below 10 , making foreign demand a far less critical engine of growth.

Growth was broadly based in most countries, and manufacturing, in particular, benefited from the upturn in the electronics cycle and strong export demand.

This is no surprise for an export led economy dependent on faltering global demand. But China s looming slowdown is likely to be both manageable and welcome.

In general, growth was broadly based, supported by robust export growth and higher commodity prices as well as strong domestic demand driven by low interest rates.

This convergence will contribute to more sustainable economic growth, with Asia s economies rebalancing toward domestic demand, especially household consumption, and thereby becoming less vulnerable to external shocks. Given the decline in export demand since the global economic crisis, this shift could not be timelier.

In the 1970s and 1980s, Japan was the envy of the world, owing to an all powerful export machine that tapped the demand of a rapidly growing global economy. Japan, Inc. still has a good institutional memory of what it takes to draw support from external demand.

First, the United States, and now Europe China's two largest export markets are in serious trouble and can no longer be counted on as reliable, sustainable sources of external demand. As a result, there are now major questions about the sustenance of China's long powerful export led growth model.

As the main driver of Chinese growth shifts from external to domestic demand, who could benefit more than Japanese exporters? China is already Japan s largest export market, leaving it ideally situated to capture additional market share in the coming surge of Chinese demand for consumer products and services.

Europe is export led China s largest source of external demand as China goes, so goes the rest of China centric Asia and, from there, the ripples reach the shores of an increasingly export dependent US economy. As recent weakness in employment and retail sales suggests, that may already be happening.

But, until recently, the divergences were viewed in terms of interests, not philosophies. Americans wanted additional demand for their goods and higher prices, while the Germans and Japanese defended their export industries.

In emerging markets, slow growth in the advanced economies has shut down a traditional development path export led growth. As a result, emerging markets have had to rely once again on domestic demand.

Kazakhstan and Turkmenistan are also major exporters of natural gas. Russia depends heavily on Turkmen gas for domestic consumption and export abroad, which could prove vital as demand rises over the next decade.

Domestic demand led growth will be a more reliable strategy than export led growth. That means that countries with a large domestic market and a prosperous middle class will have an important advantage.

However, the global market is no longer able to absorb China s massive exports, not to mention the immediate impact of economic malaise in Europe and the United States on export demand. Moreover, rising labor costs and a stronger renminbi will also undermine China s export sector, causing GDP growth to slow this year.

The impact on growth will almost certainly be negative, even if domestic demand compensates fully for the decline in external demand. The reason is microeconomic, not macroeconomic you can sell only so much steel or auto parts at home, and labor productivity in service industries does not match that of export oriented activities.

Indeed, strong Chinese demand has supported its trading partners export led growth for much of the past three decades. But now, faced with a slowdown in China and significant downside risks there, the rest of Asia must abandon over reliance on export oriented development strategies and strive to ensure stable and sustainable growth domestically and regionally.

In both cases, regaining monetary sovereignty allowed a more competitive currency, which in turn increased export demand and assisted economic recovery. Under Grexit, Greece's best hope would be something similar a sharp boost in external competitiveness.

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Even with significant policy support, however, most of the smaller Asian economies Taiwan, Thailand, Singapore, and even South Korea will not be able to replace external demand with internal demand to the same extent that China can. So, even with rebalancing, exports will remain a significant determinant of their growth, and China is already their major export market.

With regard to weapons export, Tunisia does not manufacture weapons and so does not export them, nor does it import weapons for export.

To urge Parties that export or re export ozone depleting substances to seek information from the importing country on the import license prior to issuing export or re export license for the shipment concerned

For China, there is a deeper meaning to recent global developments. A second major warning shot in three years has been fired at this export led economy. First, the United States, and now Europe China's two largest export markets are in serious trouble and can no longer be counted on as reliable, sustainable sources of external demand. As a result, there are now major questions about the sustenance of China's long powerful export led growth model.

As export and outsourcing opportunities increasingly depend on satisfying security regulations in export destinations, undemanding domestic regulation hinders technology or the outsourcing of export development.

As a result, Turkey s export potential has been negatively affected by the rising stringency of the sanctions regime against Iran, with trade losses estimated at 6 billion for the first nine months of 2013. The gradual easing of the sanctions is expected to benefit Turkey s export industries, which hope to satisfy pent up Iranian demand for consumer and investment goods.

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Developing and developed countries differ in their use of export subsidies, the former tending to rely on a more selective approach and the latter tending to use, inter alia, export promotion regimes, export financing and export guarantees.

Export duties are in the form of export tariff rate, and temporary tariff rate may be applied to export goods within a specified period of time.

Thereafter, the export notification must be provided before the first export in any calendar year.

Japan remains the world s third largest economy, the fourth largest trader, and the third largest export market for neighboring China and South Korea, which thus stand to benefit if Abenomics revitalizes Japanese domestic demand. More broadly, given Europe s slide into recession and only a slow rise in world trade volume, renewed growth and stronger import demand in Japan would support global recovery.

Today, it is the sovereign debt crisis made in Europe. The alarm bells should be ringing loud and clear across Asia an export led region that cannot afford to ignore repeated shocks to its two largest sources of external demand.

As a result, in US dollar terms, import demand grew by 38.7 , outpacing export growth of 31 . Simply put, if a country can improve its domestic balance, it will become more balanced externally, regardless of how little the exchange rate changes.

Accordingly, an individual or general export licence is required for any export of a controlled item.

Germany s Pathological Export Boom