Fleet News

Dumping fears over Far East 'meltdown'

MARKET meltdown in the Far East could result in extensive dumping of unwanted imports on Western European markets as Far Eastern domestic demand dries up. Ford chief executive Alex Trotman expressed serious concerns about the impact on the global motor industry if the Japanese and Koreans look for overseas markets to absorb excess capacity made cheaper by weaker currencies.

'One of my major concerns is the weakness of the Won (Korean currency unit) and we are also going to feel much more pressure from Japanese automotive producers,' said Trotman. 'Tension has already built up because of the large trade deficit and it will build still further. I hope no action has to be taken on a global scale because I hope these countries will take action to build domestic demand, but we have lived in hope before and not seen much happen.'

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