Economic growth in North Asia appears to be slumping fast as exports from Korea, Taiwan, Japan and China have crashed in recent months in response to the simultaneous dives into recession by both Europe and the United States.

The Bank of Korea slashed its official cash rate by 1% to 3% on Thursday night, while the Taiwanese central bank cut its rate by 75 basis points to 2%. Both Korea and Taiwan have seen their exports dive 20% in November from a year ago.

Meanwhile China announced its annual inflation rate fell to a 22 month low of 2.4% in November from 4% in November. Economists had expected it to drop to 3%.

The latest signs of a rapidly cooling economy come hard on the heels of shock Chinese trade data showing exports fell for the first time in 7 years in November and that imports, often of intermediate goods, fell 18%.

China is Australia's largest trading partner. Australia is New Zealand's largest trading partner.

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