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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's first 20-days trade data for October still points to a softening external demand backdrop. Exports for the first 20-days of the month were -5.5% y/y, a sightly improvement on last month's -8.7%. However, average daily exports were -9% lower in y/y terms. Note exports for the full month of September were +2.7% y/y.
- The detail showed on-going headwinds in the chips sector, -12.8% y/y, while exports to China fell -16.3% y/y, versus -14.0% in September (first 20 days). The chart below plots y/y exports to China & total, for the first 20-days of the month.
- Export momentum to the US held up better, +6.3% y/y, but weakened to Japan -16.1%, from -8.3% last month.
Fig 1: South Korea Export Growth - Total & China, y/y (First 20 Days Of The Month)
Source: MNI - Market News/Bloomberg
- Import momentum was better, +1.9%, but still slowed from last month (+6.0% y/y). The trade deficit came in at just under $5bn, a slight widening compared to September (first 20 days).
- The full month figures for the trade deficit should be slightly better (for September as a whole it was -$3.8bn), as that tends to be the trend. We appear to be away from worst levels in terms of the deficit, from mid this year, but a rapid turnaround/shift back to surplus is not evident.
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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