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Export Trend Shows Further Signs Of Improvement, But Trade Deficit Widens

SOUTH KOREA

South Korea's first 10-days of trade data for October hints at further improvement in the external demand backdrop. Exports were still down y/y but at -1.7%, this is a noticeable improvement on the equivalent September reading of -7.9%. Also note that the average daily export print was +9.2%y/y.

  • The other detail also suggests less of a drag from 2023 headwinds. Chip exports were down -5.4%. Note for the full month of September we were down -13.60%y/y. Cars exports remained an area of strength, +14.7%.
  • Exports to China were -4.2% y/y, (versus -17.6% y/y for the full month of September). External demand from the US appears to holding up, +14.7% y/y. The EU was weaker though -27.3% y/y.
  • Imports were up 8.4% y/y in the first 10-days of October, versus -11.3% y/y for the first 10 days of September. The trade deficit ballooned to -$5.3bn for the first 10-days of October, -$1.6bn was the equivalent read last month.
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