NEWARK, N.J., Dec. 7 /PRNewswire/ -- Fears that a slowing U.S. economy will drag the global economy downward are unlikely to materialize, according to PIERS Trade Horizons. Based on second-quarter container trade statistics, the latest available, as well as its analysis of key economic indicators and underlying economic fundamentals, PIERS Trade Horizons expects global real GDP growth will average some 3.25% over the second half of this year, resulting in full-year growth of at least 3.5% for 2006 as a whole, up a quarter-percentage-point from last year. Further out, PIERS forecasts an expansion in real GDP of 3.3% in 2007. "In other words, growth will moderate but remain solid," says Michael Andrews, PIERS chief global economist. "This despite a U.S. slowdown." One reason the U.S. slowdown seems to be having limited impact on global growth is that it has so far been largely confined to the residential sector, with few spillover effects to the rest of the economy or to most foreign countries. "We can see the impact of the slowdown in the housing sector on growth in imports of furniture, for example," notes Andrews. Thus, the annual growth rate for furniture imports from Northeast Asia, the top source for America's top import, nearly halved to 9.6% in the first half of this year, from the same period a year earlier, after expanding a robust 16.6% in 2005. The rate of growth in furniture imports from Southeast Asia fell from 8.4% in 2005 to negative 5.3% in the first half of 2006. "However, the slowdown in sales to the U.S. by these countries is being offset by growth in business with other countries within their regions - and, in several cases, by growing domestic consumption," explains Andrews. "Generally speaking, exports from the rest of the world to the U.S. relative to total exports for most nations have been declining for some time, making the U.S. relatively less important as a driver of growth for other nations than has been the case in the past." "Thus, as global growth is becoming better balanced across countries, there is also more balanced growth within countries," Andrews adds. "In many nations, domestic demand is taking on more significance as a driver of growth, with less reliance on external demand." About PIERS Trade Horizons PIERS Trade Horizons provides comprehensive quarterly statistics on U.S. waterborne import-export trade on the past two years; forecasts trade quarter- by-quarter two years out; and analyzes the commercial and economic factors driving the numbers. Members of the media may direct inquiries to 973-848-7026. For information on subscribing to PIERS Trade Horizons, contact 800-952-3839, extension 7128. About PIERS A Division of Commonwealth Business Media, Inc., PIERS was launched by The Journal of Commerce over 30 years ago as its first venture in electronic information. PIERS is the primary source of U.S. waterborne import-export trade data and a leading provider of global trade intelligence solutions. For more information about PIERS, visit its Web site at http://www.piers.com/. About Commonwealth Business Media Commonwealth Business Media, Inc., a subsidiary of United Business Media plc, is the leading information provider to the global trade and transportation market with comprehensive proprietary data, news and analytical content. Including PIERS Global Intelligence Solutions, its leading brands include The Journal of Commerce, BACK Aviation Solutions and a number of directory databases covering the international trade, railroad and trucking markets. In addition to its information data businesses, Commonwealth publishes eight magazines, one newsletter and a series of custom-published directories serving the U.S. seaport market. Through the Journal of Commerce Conference division, Commonwealth produces nine industry-leading events including Trans-Pacific Maritime, China Trade & Logistics, Breakbulk Conference and Exhibition, Breakbulk Europe, and Trans-Pacific Air Cargo. Commonwealth is headquartered in East Windsor, New Jersey, with offices in Newark, San Francisco, New Haven, Long Beach, Atlanta, Montreal, Toronto, Washington, DC, Ft. Lauderdale, Tampa, Hong Kong and London. For more information on Commonwealth Business Media, Inc. and the products they offer, visit http://www.cbizmedia.com/ or call 800-221-5488. DATASOURCE: PIERS Global Trade Intelligence CONTACT: John White of Commonwealth Business Media, Inc., +1-609-371-7854, ; or Lisa Wallerstein, PIERS Global Trade Intelligence, +1-973-848-7026, Web site: http://www.cbizmedia.com/ http://www.piers.com/

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