MNI BRIEF: BOC Sees Milder Reaction To Tariffs Than To Covid

BOC SAYS ITS RESPONSE TO A TARIFF WAR WON'T BE LIKE IN COVID

BOC: TRADE THREATS ALREADY BLURRING DOMESTIC ECONOMIC REBOUND

MNI INTERVIEW2 -Banxico Optimistic On Non-Core Inflation-Heath

MNI China Daily Summary: Friday, February 21

MNI BOK WATCH: Board To Ease Base Rate To 2.75%

MNI: BAKER HUGHES US RIG COUNT 592; OIL RIGS 488; GAS RIGS 99

BAKER HUGHES CANADA RIG COUNT 244; OIL RIGS 174; GAS RIGS 70

MNI: US NAR: JAN EXISTING HOME SALES 4.08M SAAR

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SOUTH KOREA: Early Month Trade Data Headline Strong, With Underlying Weak. 

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • Korea’s first 20 days of trade show the impact of the China Lunar New Year holidays remains.
  • When adjusted for working day differences, the export data showed a -2.7% decline y/y.
  • The headline figures were deceiving suggesting a 16% growth in exports, a 7.7% growth in imports and a $800 m trade surplus.
  • However, the Lunar New Year holiday’s were earlier than last year so the underlying number of days used in the calculations were significantly different, distorting the headline figures.
  • Tariff risks and Political instability have rocked South Korea’s economy with the growth outlook for 2025 revised downwards and the BOK Governor calling on politicians to support monetary policy with a fiscal response.
  • The Bank of Korea meets next week to decide monetary policy, with market forecasts currently suggesting a cut is the likely outcome.
  • Korea’s KOSPI is down -0.32% in early trading, the Korean 10YR bond future up +0.06 to 118.04 and Government bonds are very strong with the front end rallying post the data release. 
168 words

To read the full story

Close

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.
  • Korea’s first 20 days of trade show the impact of the China Lunar New Year holidays remains.
  • When adjusted for working day differences, the export data showed a -2.7% decline y/y.
  • The headline figures were deceiving suggesting a 16% growth in exports, a 7.7% growth in imports and a $800 m trade surplus.
  • However, the Lunar New Year holiday’s were earlier than last year so the underlying number of days used in the calculations were significantly different, distorting the headline figures.
  • Tariff risks and Political instability have rocked South Korea’s economy with the growth outlook for 2025 revised downwards and the BOK Governor calling on politicians to support monetary policy with a fiscal response.
  • The Bank of Korea meets next week to decide monetary policy, with market forecasts currently suggesting a cut is the likely outcome.
  • Korea’s KOSPI is down -0.32% in early trading, the Korean 10YR bond future up +0.06 to 118.04 and Government bonds are very strong with the front end rallying post the data release.