Page 85 - Key to Social Studies 5

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Asia’s Trade and Economy in the Past versus Today

Asia’s Trade and Economy in the Past

Due to the colonization of most of Asia by Europe, trade and production were limited to only some

countries.

The Philippines, ruled by the Spanish, and China were the rst countries to trade with Europe and the

Americas. Silk, porcelain, ivory, tobacco, coconut, and corn were the main trade products.

Being the biggest producer of tin and rubber, the economic situation of the Kingdom of Malaya, present

day Malaysia, grew signi cantly. After a while, the oil industry boomed in Persia, modern day Iran, before

its spread to the rest of the Middle East region.

Asia’s Trade and Economy Today

Asia today has the fastest growing independent economy and the highest continental economy in the

world. Electronics, oil, machines, spices, and a lot more are produced and sold to the whole world from

Asia.

Victoria Harbor in Hong Kong

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