Free Trial
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.
SOUTH KOREA
The first 20-days of June trade data showed an improving trend in terms of the headline export print. We printed at +5.3%y/y, the first gain since August last year. It also compares with -16.1% y/y last month, although base effects have been at play over the past 2 months.
- The daily average export number was -2% y/y, so less positive than the headline result, but the trend is improving. This metric troughed at -23.1% y/y in March of this year. As the chart below suggests this points to improving trends in the full month y/y figure, although the relationship is by no means perfect between the two series.
- Chip exports were still down -23.5% y/y, but this is an improvement on the May read of -35.5% (for the first 20 days of that month).
- Exports to China were down -12.5% y/y, but again showing an improvement, while exports to the US bounced to +18.4% y/y.
- On the import side, we were down -11.2% y/y, with momentum slightly better compared to the first 20-days of May (-15.3%).
- The trade deficit was -$1.607bn, versus -$4.3bn for the equivalent period in May. This is the best result (for the 20-day period) since late 2021.
Fig 1: South Korea Export Trend Showing Slightly Better Trends
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok