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News Summary: Asia braces for lower exports to EU

Tuesday - 6/12/2012, 4:30pm  ET

By The Associated Press

(AP) - EXPORTS DROP: Europe, still China's biggest export market, spent 0.8 percent less on goods imported from China in the first five months of 2012 than in the same period of 2011.

AUGUR FOR ASIA: How China weathers Europe's debt crisis could indicate how the rest of Asia is affected. China is the region's biggest economy and exporter, but the economies of other leading Asian exporters like Japan, South Korea and Taiwan increasingly depend on selling goods to an economically healthy China.

BLEAK PROSPECTS: As Greece votes this weekend and Spain's banks struggle, Asia is girding for Europe's crisis to worsen.

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