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SOUTH KOREA: Country Wrap: Early Month Trade Data Stronger than Forecasts.

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • South Korea reported its first 10 days trade data pointing to the effects of the Lunar New Year holidays now past.  Against prior month’s result of +0.8%, exports rose 2.9% in early March.  The daily average rose 12.3 y/y, whilst chip exports were virtually flat at just +0.03% y/y and exports to China declined -6.6% y/y.  In a sign of things to come exports to the US rose 5.5% y/y.  Imports too were stronger than expected rising +7.3% y/y from just +0.3% the month prior.  This produced a trade deficit of US$2.046bn. (source: MNI – Market News).
  • The Bank of Korea on Thursday cautioned that “inflation uncertainties remained high due to geopolitical tensions, trade conflicts, and currency fluctuations, Yonhap News reported the same day.  The central bank's deputy governor Kim Woong noted that February's consumer prices rose 2% year-on-year, following January's 2.2% increase.  While inflation is expected to hover around the target level, the South Korean central bank maintains its 2025 price growth forecast at 1.9%, the report said.  (source: BBG)
  • Despite better than expected early trade data, Korean markets brushed that aside with the KOSPI falling heavily, down -1.15%.
  • KRW:  risk aversion is rife in South Korean markets today with the won falling -.30% to 1,458.47
  • Bonds:  a strong rally across the curve with the KTB 10YR 2.76% (-4.5bps)
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  • South Korea reported its first 10 days trade data pointing to the effects of the Lunar New Year holidays now past.  Against prior month’s result of +0.8%, exports rose 2.9% in early March.  The daily average rose 12.3 y/y, whilst chip exports were virtually flat at just +0.03% y/y and exports to China declined -6.6% y/y.  In a sign of things to come exports to the US rose 5.5% y/y.  Imports too were stronger than expected rising +7.3% y/y from just +0.3% the month prior.  This produced a trade deficit of US$2.046bn. (source: MNI – Market News).
  • The Bank of Korea on Thursday cautioned that “inflation uncertainties remained high due to geopolitical tensions, trade conflicts, and currency fluctuations, Yonhap News reported the same day.  The central bank's deputy governor Kim Woong noted that February's consumer prices rose 2% year-on-year, following January's 2.2% increase.  While inflation is expected to hover around the target level, the South Korean central bank maintains its 2025 price growth forecast at 1.9%, the report said.  (source: BBG)
  • Despite better than expected early trade data, Korean markets brushed that aside with the KOSPI falling heavily, down -1.15%.
  • KRW:  risk aversion is rife in South Korean markets today with the won falling -.30% to 1,458.47
  • Bonds:  a strong rally across the curve with the KTB 10YR 2.76% (-4.5bps)