The dollar is trading at twenty-year highs as an unsettled global economy shakes off the...
Toyo Hagiwara, owner of Daido, a Japanese grocery store in Houston, works behind the counter on Wednesday, Oct. 12, 2022. The strong U.S. dollar is affecting Houston businesses, including importers.A steady stream of shoppers moved through Daido Market in west Houston Wednesday, buying produce and premade lunches from the Japanese grocer’s small kitchen as well as staples such as rice. A new batch of rice, the first of the season, had just come in.
A 15-pound bag of rice that cost 10 dollars two years ago, for example -- the most affordable type of rice Daido stocks -- is now selling for at least twice that.Most American consumers have yet to see – or at least recognize – the benefits of strong dollar, a product of an unsettled global economy still shaking off the effects of the pandemic,and contending with the war in Ukraine.
“In the broadest sense, the strong dollar is a testimony to the perceived strength of the U.S. economy,” said Patrick Jankowski, senior vice president of research at the Greater Houston Partnership.this winter—and dreading the potential expansion of the war in Ukraine--as well as dealing with its own supply chain issues and inflation.“Let’s say you’re a traveler, and you’re going overseas, to Mexico or Sweden or somewhere,” he said.
For corporate America, a strong dollar can be a drag, weakening demand for U.S. exports as well as undercutting the potential profits from sales in foreign currencies.
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