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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 of trade data for August was reasonably close to prior outcomes. For exports we printed at -16.5% y/y, the prior outcome being -15.2%. Note full month exports y/y for July were -16.5%. On the import side we were at -27.9% y/y, prior was -28.0% (full July month -25.4%). The trade deficit printed at -$3.566bn for the first 20-days of August.
- The headline export number takes us back towards recent lows from early in 2023/late last year. We were slightly better on a daily average basis, with exports down -10.7% y/y. The chart below shows that this suggests a slightly less adverse y/y backdrop for the full August month print.
- The detail indicated that chip exports were down -24.7% y/y, versus -35.4% prior. While exports to China fell -27.5%y/y. The US also slipped back to -7.2% y/y, from -7.3% in July.
- The trade deficit does tend to improve in the final part of the month, so the full August number should be better than the first 20-day outcome. Still, note that the first 20-days trade deficit for July was -$1.361bn, so for August we have seen a re-widening.
Fig 1: South Korea Exports - First 20-Days Versus Full-Month Y/Y
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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