The U.S. Commerce Department has identified 10 “big emerging markets” that hold more promise “for large incremental gains” in U.S. exports than do the country’s major traditional trading partners including Europe and Japan.
By the year 2010, according to the Department, these markets will import more than the European Union and Japan combined.
Included in the list are: in Asia, China, Indonesia, India and South Korea; in Latin America, Mexico, Argentina and Brazil; in Africa, South Africa; in Central Europe, Poland; and in Southern Europe, Turkey.
Other countries mentioned that might warrant being listed in the future are Vietnam, Thailand, Venezuela and Colombia.
“Several countries were kept out because of the threat of future instability and other special factors; these include Iran and Iraq,” the Department said in a report in its official monthly magazine Business America. The Department also called Russia “worthy of special, high-level attention,” but “for obvious political reasons it belongs in a category unto itself.”
The Department added that the emerging export markets were chosen because they held the greatest prospects for growth which could be encouraged by key sectors in the U.S. economy, and that they are expected to more than double their share of world imports rising to some 27% by 2010.
For more information concerning the Department’s research into the big emerging markets, Business America magazine may be reached by calling (202) 482-3251.