Archive for the ‘Ministry of Manpower statistics’ Category

China Cuts Asia Imports as Korea, Malaysia, Singapore Lose Jobs

October 21, 2007

By Michael Dwyer

Oct. 22 (Bloomberg) — The U.S. isn’t the only country watching jobs and manufacturing migrate to China. Increasingly, so are China’s closest neighbors.

The nation is reducing its reliance on imports from Southeast Asia as it makes more of the higher-value-added intermediate and capital goods it previously bought from abroad. That is threatening growth in countries whose export sales are already in danger of erosion from the U.S. slowdown.

More than 13,500 electronics-product workers in Singapore have lost their jobs since 2004, according to Ministry of Manpower statistics. An International Monetary Fund forecast released last week calls for weaker expansion there next year and in the Philippines, Malaysia, Taiwan and South Korea.

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