Implications of Korea's foreign exchange crisis and efforts to expand the use of advanced structural ceramics are among the topics explored in the current issue of Industry Trade and Technology Review (ITTR), a quarterly publication of the U.S. International Trade Commission's Office of Industries.

Industry, Trade, and Technology Review (ITTR) contains articles originating from research and analysis conducted by International Trade Commission (ITC) staff as part of its responsibilities to provide advice and technical information on industry and trade issues. The ITTR provides analysis of important issues and insights into the global position of U.S. industries, the technological competitiveness of the United States, and implications of trade and policy developments.

The ITTR is a publication of the Office of Industries. The opinions and conclusions it contains are those of the authors and are not the views of the Commission or of any individual Commissioner.

The current issue (March 1999) includes the following articles:

• Korea's Foreign Exchange Crisis and Its Implications for U.S.-Korean Trade -- After nearly three decades of extraordinary growth and development, the Korean economy was derailed in November 1997 by a serious foreign exchange crisis. Facing the high interest rates, sharp currency depreciation, a falling stock index, and a crippling shortage of liquidity, Korea had to initiate a series of reforms to stabilize its volatile financial market and help its transition from a state-directed economic system to one that is freer. This article examines the crisis, Korea's stabilization efforts, and changes in U.S.-Korea bilateral merchandise trade.

• Advanced Structural Ceramics: Vast Potential Has Yet to be Realized -- A great deal of initial promise had been expected of advanced structural ceramics (ASC) by virtue of their unique properties compared to metals or polymers. However, global markets for these materials are far below projections made at the beginning of the decade. Although the use of ASC in cutting tools and wear applications continues to show sustained growth, industry's goal of significant use penetration into the huge automotive and aerospace engine components markets and the power generation industry is yet to be realized. Efforts are underway to make these materials more competitive by reducing product cost, speeding product development cycles, and gaining acceptance among end-users. This article examines current end-use applications of ASC, obstacles to commercialization of these materials, efforts by industry and domestic and foreign governments to overcome these obstacles, and the use of these ceramics in major global markets.

Industry Trade and Technology Review (USITC Publication 3182, March 1999) will be posted on the ITC's Internet server at www.usitc.gov. A cumulative list of articles published in the report series is also posted. The ITTR will also be available at regional federal depository libraries in the United States. To request a printed copy of the ITTR or to be added to the mailing list, contact the Office of the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington DC 20436. Requests may also be faxed to 202-205-2104.