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First 10-Days Of May Trade Still Shows Negative Y/Y Export Growth

SOUTH KOREA

The first 10-days of trade data for May in South Korea showed exports down 10.1% y/y. Note the average daily export figure was the same at -10.1%. Imports fell -5.7% y/y. The trade deficit was -$4.17bn, although it tends to improve as the month progresses. Note the full month of April exports were down -14.2% y/y, imports -13.2%, while the trade deficit was at -$2.62bn.

  • In terms of the detail, car exports were +125.8, while car parts +7.8%. Chip exports remained negative at -29.4%.
  • By country, US exports, +8.9%, and the EU at +11.5% displayed better trends relative to China -14.7%. This is less of a fall in China in y/y terms compared to recent months, but it's difficult to read too much into trends from the first 10 days of trade data.
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