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First 10-Days Trade Data For June Show Better Headline Results

SOUTH KOREA

The first 10-days of South Korean trade data in June showed some better headline results. Export growth was +1.2% y/y in the first 10-days. Average daily exports for the period were -6% y/y, which is still an improvement compared to recent months. Looking at the detail though, we had car exports +137.1%, ship exports 161.5%. Chips remained negative -31.1% y/y, and oil products fell -35.8% y/y.

  • By country, export trends were better to the US and the EU, but China remained softer at -10.9% y/y. Taiwan (-49.8% and Singapore (-44.1%) were also weaker.
  • Imports fell -20.7% y/y, in the first 10days, which aided some improvement in the trade deficit to -$1.41bn.
  • South Korea FinMin Choo has spoken about a better export picture as we progress through H2 in recent weeks. This data is tentative signs of at least a less adverse y/y momentum backdrop in the early parts of June.
  • However, a sustained recovery in chip exports and better demand from China is likely needed in H2.
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