Japan, Hong Kong and Taiwan, three exporting heavyweights, all released data on Thursday showing rising exports, as China continued to suck in goods and raw materials and consumer demand from the United States remained buoyant.
But demand from those two export destinations is expected to slacken in the coming months. High oil prices are taking a toll and economists are trimming growth forecasts across the globe.
"It is fair to conclude at this stage that the economic outlook is now not as favourable as it was three months ago, and the bulk of the global economy's momentum now appears to be behind us," Societe Generale economist Glenn Maguire said.
Taiwan turned in the strongest performance. Orders for exports - which measures exports due to take place in the weeks ahead - surged 27.8 percent in July from a year earlier, exceeding expectations.
Japan's exports in July rose 14.3 percent from a year earlier, while Hong Kong's increased 16.5 percent.
These figures only confirmed what earlier data from the other two big exporters in Asia, South Korea and Singapore, had shown. Despite evidence that China's economy was cooling and amid mixed signals from the United States, trade-reliant Asia was on a roll.
South Korea posted a stunning 38.4 percent rise in July exports from a year earlier, while Singapore had a 17.6 percent gain.
"Slowdowns in the United States and China have yet to pose a big threat to exports," said Morgan Stanley's Osamu Tanaka, referring to the Japanese data. Osamu, the bank's Japan economist, added that exports could slow towards the end of the year.
Analysts are unsure whether the United States is just experiencing a soft patch or whether the economy is slower than many were forecasting earlier this year. In Asia, Japan's second quarter growth disappointed markets.
US data on Wednesday showed a 1.7 percent rise in durable goods orders in July from June, boosted by demand for aircraft.
However, the computers and electronics segment, which analysts use as an indicator for Asian technology exports, fell 3.8 percent in July after a 1.8 percent fall in June.
Last week, North American semiconductor capital equipment makers reported orders stabilised in July after nearly a year of recovery, a sign the industry's recovery may have peaked.
Still, demand from China remains robust. China has become a major export market for other Asian economies who use it as a low cost manufacturing base. As such, many of Asia's exports to China are re-exported to markets such as the United State and Europe. Japan's exports to China rose 22.0 percent in July from 12 months earlier, while Singapore's leaped 58.8 percent. Taiwan's exports to China and Hong Kong rose 41.7 percent in July and South Korea's were up 42 percent in the first 20 days of July.
Economists say that means that even if China's economic growth tapers off - as authorities there hope it will - it will still have a voracious appetite for exports from other Asian countries as long as there is demand elsewhere in the world.
In that respect, high oil prices loom as a risk for Asia. Analysts say they will directly dent trade surpluses in oil-importing Asian economies by raising import costs. South Korea and Japan, for instance, import all of their oil.
Indirectly, the oil price surge is threatening growth in big developed economies and this in turn may take a toll on Asian export prospects.
US crude oil futures have pulled backed from threatening $50 a barrel, but their average price for this year is more than $38 a barrel. That is about a quarter above the 2003 average.
James Malcolm, currency strategist at Deutsche Bank, says oil prices were a big threat to Asia's export-dependent growth, but the impact on trade surpluses wouldn't be seen until August data was released and would be most apparent in fourth-quarter data.
"Export growth continued to accelerate in many countries through the first half of this year, providing a larger cushion, while in economies like Korea and Thailand, domestic demand has also slowed to constrain import demand," Malcolm said.
He also said the typical lag from oil price changes to import bills was about three months. Oil topped $40 in May, fell back in June and then surged again in July and August.
"Thus, no more than a quarter of this year's rally in oil prices will have been reflected in even the latest economic data," he said.