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Thailand, South Korea Lead Asia’s Oil‑Shock Market Turmoil

In Asia, Thailand and South Korea have the highest GDP exposure to imported oil & so the violence today in Korea and Thai markets reflects fear how that will play out. Note that this is negative for Asia in general but some more than others. The first shock is energy, next comes food. India and the Philippines have deficits in oil and also current account deficits so while their net oil position is less short as a share of GDP than Thailand or Korea, their financing of it is more dependent on foreign flows.