Asia hit by double whammy of slower exports, higher oil prices

News in Manila of higher oil prices after the weekend attacks on two Saudi oil plants. In the region, India and Indonesia stand out as the most vulnerable to a spike in oil prices as they import most of what they need.
News in Manila of higher oil prices after the weekend attacks on two Saudi oil plants. In the region, India and Indonesia stand out as the most vulnerable to a spike in oil prices as they import most of what they need.PHOTO: ASSOCIATED PRESS

Almost a year ago, when crude oil prices were hovering around US$80 a barrel, the currencies of big emerging markets took a swan dive following a blowout in their balance of payments.

Now, as regional economies slow down owing to a protracted trade war between China and the United States, they face a double whammy: Slower exports plus more expensive oil.

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A version of this article appeared in the print edition of The Straits Times on September 18, 2019, with the headline 'Asia hit by double whammy of slower exports, higher oil prices'. Print Edition | Subscribe