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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 first 20-days trade data struck similar tones with recent trends. Exports were down -11% y/y for the first 20-days of the month. It was the same in terms of the daily average for exports in the first 20-days. Note for the first 20-days of March exports were down -17.4% y/y, for the full month of March exports were down -13.6% y/y.
- Chip exports were down -39.3% y/y, versus -44.7% for the first 20-days of March. Exports to China remained soft -26.8% in y/y terms, which remain around recent lows.
- Exports to the US were better +1.4% y/y for the first 20-days of April, but the trend is still slowing. We were running comfortably above double digit pace late last year, earlier this year, see the chart below.
- So, whilst external demand from China is expected to improve, some offset could come from weaker momentum out of the US.
- On the import side, we were at -11.8% y/y for the first 20-days of April. Lower commodity prices are likely helping at the margin, but the first 20-days trade deficit still stood at -$4.14bn.
Fig 1: South Korean Exports, First 20-days Of April, To China & The US
Source: MNI - Market News/Bloomberg
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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