Early November Trade Figures Following Recent Trends
The first 10-days of trade data in November for South Korea showed a similar trend to recent months. Export growth remains negative in y/y terms at -2.8%, with average daily exports the same for the first 10-days of the month. Imports were softer at -6.7% y/y, but the trade deficit remained wide at -$2.05bn.
- In terms of the detail, tech sensitive areas like chips continued to show downward momentum in terms of export growth (-26.9%), other areas like cars (+31.8%) were more resilient.
- By country, China export growth fell to -25.4%, but the US (+21%) and EU (+6.8%) were in positive territory.