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First 10-days Of September Trade Data Remains Negative

SOUTH KOREA

The first 10-days of trade data for September showed similar trends to the corresponding period in August. For the first 10-days of September, export growth was -7.9% y/y, while on a daily average basis -14.5%. The equivalent reads for August were -15.3% y/y for the headline first 10-days and daily average exports. So, whilst the September headline has improved, the daily average print is similar to the first 10-days of August.

  • In terms of the detail, similar trends persisted, with car exports +32.4%, while chip exports remain negative at -28.2%. Exports to China were also soft, -17.7%, but better to the US, +2.3%.
  • On the import side, we were -11.3% y/y. This left the trade deficit at -$1.6bn.
  • The poor start to August exports didn't prevent sequential improvement in exports for the full month. It's also important to note that the trade balance figure tends to improve as the month progresses.
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