The U.S. isn't as great a beneficiary of the rising demand from developing nations as it might be, and it needs to sell more in regions such as Southeast Asia to offset what could be a deterioration in U.S. exports to industrial nations in coming months. In the second quarter of 1993, the gain in real exports of goods and services accounted for nearly one-third of the 1.8% rise in GDP. But the export-order index of the National Association of Purchasing Management has been trending down for the past few months. Maury N. Harris, economist at PaineWebber Inc., suggests that weak conditions in industrial nations and OPEC's shrinking oil revenues, reflecting falling crude prices, may explain flagging U.S. export orders.
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