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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
South Korea industrial production was stronger than expected in Dec. We rose 0.6% m/m, after a revised 3.6% gain in Nov. In y/y terms we rose 6.2%, also above the 5.3% projected. The y/y pace is now back to Q2 2022 levels.
- A source of strength was chip production up 8.5% m/m, following Nov's 13.2% rise. This bought the y/y pace to a heady +53.3% for this segment, the firmest since 2016. Vehicles were another area of strength, but other segments were less upbeat though.
- Other data showed retail sales down 0.8% m/m. Services sector output was modestly positive at +0.3% m/m.
- The chart below overlays y/y IP against export growth. Note tomorrow we get full month export data for Jan. The consensus looks for +17.6% y/y export growth (+5.0% prior), with imports forecast at -8.1%.
Fig 1: South Korean IP & Export Growth Y/Y
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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