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Due to the emergence of global production networks, trade statistics have became less accurate in describing the dependence of emerging Asia on external demand. This paper analyses, using an update of the Asian International Input-Output (AIO) table, the interdependence of emerging Asian countries, the United States, the EU15, and Japan via trade and production linkages. According to the results, the authors do not find evidence of the decoupling of emerging Asia from the rest of the world. On the contrary, they find evidence on increasing trade integration, both globally and regionally. Nonetheless, their analysis indicates that emerging Asia's dependence on exports is only about one-third of its GDP, i.e. well below the 50% exposure suggested by trade data.
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