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Early Nov Export Data Paints Resilient External Demand Picture

SOUTH KOREA

The first 10-days of trade data for November showed exports were +3.2% y/y, printing the same in daily average terms. Imports were +1.2%, leaving the trade deficit at -$1.74bn.

  • This shows further improvement on the October outcomes, with exports -1.7% for that period, imports +8.4% and the trade deficit -$5.3bn for the first 10-days of October.
  • Whilst still early in the month, this is a resilient result for South Korea, particularly given recent export misses in China and Taiwan (for the full month of October). The 20-day data will be eyed for whether this resilience has been maintained further into the month for South Korean.
  • In terms of the detail for the first 10-days, chip exports were +1.3% y/y, car exports remained strong, +37.2%.
  • By country, exports to US and Japan were firm (both above +20% y/y), and China was -0.1%, which represents less of a headwind compared to earlier in the year.
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