They have been importing all manner of raw materials and finished goods for two years on a massive scale.

FORBES: Shipping To Suffer Despite Record Trade In Iron Ore And Coal, With 35 Miles Of Ships Coming Out Of Shipyards In 2011

Many shoemakers reacted by improving the quality of their footwear, importing Italian pattern-pressing machines and using pricier materials, such as crocodile skin.

ECONOMIST: Free exchange