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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH KOREA
The first 20-days of Dec trade data suggested a further improvement in the external demand backdrop. Exports rose 13% in y/y terms, with day count affects not evident, as daily average exports also rose 13% y/y. The first chart below overlays the first 20-day exports (daily average) against full month export growth.
- The details showed chip exports continuing to recover, now up 19.2% y/y. We were at 2.4% for the first 20-days of Nov. Base effects will be playing a role in this recovery.
- By country, exports were up to the US by 30.2% in the first 20-days, this compares with 15.7% y/y for the same period in Nov. While this series can be volatile, we have seen positive y/y growth in exports to the US for the past 4 months.
- Exports to China were -0.4% y/y, but continue to improve from a momentum standpoint.
- Imports fell -9.2% y/y, slightly weaker than the Nov -6.2%y/y dip. The trade surplus was $1.62bn and this should improve before the end of the month.
Fig 1: South Korean Export Trend Continues To Recover
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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