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The authors present an analysis of the export and import performance of select East Asian countries into price and volume effects. Results indicate that in aggregate, the decrease in export revenue experience by these countries in 1998 was mainly due to a decrease in prices, and that export volume increased. The fall in import and export prices in the East Asian region began in 1996, before the crisis, but intensified in the Summer and Fall of 1997 as the currency crisis unfolded and continued through the Spring of 1999. Because the decrease in import prices was greater than the corresponding decrease in export prices, these countries have collectively seen an improvement in their terms of trade during the crisis. This working paper is available at the US Federal Reserve Board. You can access this site by going to www.federalreserve.gov/pubs/workingpapers.htm.