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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 Jan exports were inflated by a higher number of days compared to Jan 2023, with headline growth at 18% y/y, versus a +5.0% gain in Dec. Imports were close to expected at -7.8% y/y ( -8.1% forecast and -10.8% prior). The trade surplus narrowed noticeably though to $300mn, versus $1000mn forecast and $4457mn prior.
- Daily average export growth in y/y terms was 5.7% for Jan. This was down from the average pace through the end of 2023, (dec 14.4%, Nov 7.4%), but remained comfortably in positive territory.
- Recall that the daily average y/y print for the first 20days of the month was +2.2% (from 13% in Dec). Hence this was already hinting at some moderation. The trend still looks positive for this series, albeit less so than the headline print, see the chart below.
- In terms of the detail, chip exports surged 56%. Exports of cars was also strong. Exports to the US were +27%, while China exports rose +16% y/y. These figures will be inflated by the day count impact though.
Fig 1: South Korean Export Growth - Day Count Impact Seen In Jan, But Trend Still Looks Positive
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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