Could Asia go into a depression? (update 4)

Australia's trade deficit worsens, namely on a huge export crunch of -5% (month April 2009 to March 2009)

Australia's cyclical reliance on commodity booms and Asia's massive export slump - is a double whammy for the Australian economy. With overcapacity in Asia, one should anticipate a markdown of pricing on exports. Still factoring a currency depreciation across Asia as they try and bring down import credit build ups and over capacity.