Iran is even facing unlikely competition from Afghanistan as an export route for Central Asian oil and gas.
The Obama administration has made export promotion a central component of its revised economic platform, and last month the White House finalized a long-stalled trade agreement with South Korea.
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In other words, U.S. refiners are exporting U.S. high-sulfur distillates instead of refining it into low-sulfur diesel fuel than can be sold in the U.S. Chile, Mexico and several other countries in Central America have been the leading export markets for high-sulfur U.S. diesel.
Elevated inflation also affects export competitiveness and limits the extent to which the central bank can cut interest rates to help stimulate the economy, Moody's said.
This term is central to CITES as it refers to the export of wildlife products that does not undermine the conservation of the species.
The governor of the central bank, Park Seung, has warned that export growth could slow to single digits in the second half of this year, after rising 40% year-on-year in the first half.
America's large external deficit could be sustained for years as Asian central banks kept their currencies cheap in order to foster export-led growth.
Turkmenistan, a gas-rich dictatorship in Central Asia, has just signed a big gas-export deal with Russia, after talks with neighbouring Iran bogged down.
Its export volume has already surpassed those of Sub-Saharan Africa and Central Asia, and it is expected to maintain this rank throughout the forecast period.
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Despite the pending lifting of the grain export ban, scheduled to go into effect on July 1, the Central Bank of Russia does not expect domestic food prices to rise in response to more of Russian agribusiness shipping grains abroad instead of serving the local market.
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Under the framework deal with China, Turkmenistan planned to export 5 bcm to China in 2010 using the first trunk of the Central Asia-China pipeline, and to then increase these exports to 40 bcm per year by 2012, when the second trunk line of the pipeline is to be completed.
They are the countries of the world whose central banks buy U.S. dollars collected by their export businesses, by printing their own money with which to do it, and with those dollars turn around and buy U.S. government securities, not because they necessarily consider them good investments, but primarily because the U.S. government securities market is currently the only U.S. dollar repository big enough to take the bid.
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China and many export-dependent economies in the region could loosen fiscal policy, while Japan's central bank could boost its asset purchases, he said, adding that efforts to trim external surpluses would reduce exposure to outside risks and support global growth.
But this total disguises the extent to which Asian central banks have been collecting dollars in order to stop their currencies appreciating against the currency of their export market of choice: America.
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