Export Growth Continues To Slow
The trend move lower in South Korean export growth continued for the first 20-days of November. In y/y terms exports were down -16.7%, while the daily average number was only slightly better at -11.3% y/y. Chips exports are nearly down 30% y/y, while exports to China continued to fall, see the chart below. Momentum is back towards 2019 lows for exports to China.
- Imports were also down in y/y (-5.5%), while the first 20-days trade deficit printed at -$4.42bn. This number should be slightly better for the full month, as we can see improvement in the final 10-days of the month.
Fig 1: South Korea Export Growth Continues To Lose Momentum
Source: MNI - Market News/Bloomberg